By Jonathan Stempel
NEW YORK - Former Goldman Sachs Group Inc director Rajat Gupta and the U.S. Securities and Exchange Commission are dropping litigation against each other stemming from the sprawling federal insider trading probe.
The agreement, revealed Thursday in a court filing, for now ends litigation against Gupta, a former chief of consulting firm McKinsey & Co and one of the highest-profile defendants accused by the government of wrongdoing.
Investigators have said Gupta passed tips to Galleon Group hedge fund founder Raj Rajaratnam about Goldman, including a possible multibillion dollar investment from Warren Buffett, and Procter & Gamble Co,, where Gupta was also a director.
Prosecutors named Gupta as an unindicted co-conspirator in that case, which led to Rajaratnam's conviction in May, but have not charged him criminally.
Citing the "public interest," the SEC dismissed administrative proceedings filed on March 1 accusing Gupta of passing tips
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