NEW YORK (Reuters) - Rengan Rajaratnam, who was cleared of criminal insider trading charges following the conviction of his older brother, Galleon Group founder Raj Rajaratnam, has agreed to pay more than $841,000 to resolve civil claims by the U.S. Securities and Exchange Commission.
The settlement was filed on Thursday by the SEC in New York federal court, three months after a federal jury in Manhattan acquitted Rengan Rajaratnam of conspiring to engage in insider trading, a rare defeat for U.S. prosecutors. Under the agreement with the SEC, Rajaratnam would pay the $841,243 in four equal payments and will neither admit nor deny wrongdoing. The deal must be approved by U.S. District Judge John Koeltl in Manhattan.
(Reporting by Nate Raymond in New York; Editing by Dan Grebler)