Convicted hedgie sued by brother

Hedge Fund

Galleon Group founder Raj Rajaratnam, who is serving an 11-year prison term for insider trading, and his hedge fund have been sued by his younger brother for $13.5m he claims is owed him in unpaid commissions and legal costs.

Reuters reports that Rengan Rajaratnam, who in 2014 was cleared of criminal insider trading charges following his older brother's conviction three years earlier, filed the lawsuit on Wednesday in New York state court.

In the lawsuit, Rengan Rajaratnam, 45, said Galleon failed to pay him $8.3m on profits of $83 million he made for the hedge fund as a portfolio manager in 2009.

He said Galleon also wrongly did not pay him up to $1m for telecommunications stock recommendations he made in his other role as an analyst, and also failed to advance his legal fees and costs during the insider trading case.

Hit the link below to access the complete Reuters article:

Galleon founder Rajaratnam, fund sued by his brother for $13.5 mln

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