Latest Business News: Conviction of Galleon's Raj Rajaratnam Upheld

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Latest Business News: Conviction of Galleon's Raj Rajaratnam Upheld

Latest Business News: Conviction of Galleon's Raj Rajaratnam Upheld
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Latest Business News: Conviction of Galleon's Raj Rajaratnam Upheld

Wochit 1:04 mins

A federal appeals court upheld the insider conviction of Galleon Group hedge fund founder Raj Rajaratnam. The 2nd U.S. Circuit Court of Appeals in New York rejected Rajaratnam's arguments that wiretap evidence in his case should have been suppressed, and that jury instructions on the use of inside information were inadequate. Carl Icahn's bid for Dell lacks credibility, the computer maker's board said in a regulatory filing. The comments echo remarks made last week by the group managing Dell's efforts to go private. At that time, the board rejected the latest takeover proposal put forth by activist investor Icahn as lacking key details necessary for its approval. Tenet Healthcare Corp. is buying Vanguard Health Systems Inc. Tenet, based in Dallas, expects annual savings of $100 million to $200 million. The Chairman and CEO of Vanguard will join Tenet's board.

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