NEW YORK, July 1 A federal judge on Tuesday
dismissed two securities fraud counts against Rengan Rajaratnam,
the younger brother of Galleon Group founder Raj Rajaratnam, a
surprise development in the federal criminal insider trading
Rajaratnam still faces a criminal count of conspiracy, but
U.S. District Judge Naomi Reice Buchwald at a hearing in
Manhattan dismissed other counts related to alleged improper
trading in technology company Clearwire Corp.
She said a reasonable jury could not find that Rengan
Rajaratnam knew that information he received about Clearwire may
have been provided in breach of the alleged tipper's duty to
keep it secret for a personal benefit.
(Reporting by Nate Raymond in New York; Editing by David