No verdict after Day 4 at NY insider trading trial

AP News
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Posted: Apr 28, 2011 5:30 PM
No verdict after Day 4 at NY insider trading trial

A New York City jury has completed its fourth day of deliberations without a verdict at the biggest insider trading case involving hedge funds.

Deliberations are scheduled to resume Friday. So far, the jury has listened to secretly recorded phone calls of hedge fund manager Raj Rajaratnam (rahj rah-juh-RUHT'-nuhm) and other Wall Street insiders talking about earnings and mergers.

Prosecutors at the Manhattan trial say the wiretaps prove the Galleon Group chief made tens of millions of dollars by trading on inside tips about earnings and mergers.

Lawyers for the Sri Lanka-born Rajaratnam argue he relied on public information and complex analysis for his decisions.

He's the only defendant to go to trial so far. Twenty-one others have pleaded guilty.