Lawsuit claims SEC went forum shopping

Rajat Gupta, a former director of Goldman Sachs & Co., says the Securities and Exchange Commission is trying to retroactively apply the Dodd-Frank financial reform law by bringing action against him before an administrative law judge, where he won’t have the right to a trial by jury, instead of in federal court. Gupta is accused of giving inside information to the founder of the Galleon Group hedge fund. The Courthouse News Service says that the SEC has brought cases against 27 other defendants but filed all of them in federal court. Gupta is asking the court to block the SEC from bring the case, because he says the retroactive application of the law would violate his right to due process. || More from Deal Book

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