Buy AP Photo Reprints

Your Questions Answered Ask AP: Shuttle complexity, credit union agency

NEW YORK (AP) -- New York City prosecutors say an indictment can be delayed against one of America's richest men in a massive insider trading case so negotiations to settle it can finish.

Federal prosecutors notified the court by letter Monday that the deadline for an indictment should be extended by a month while talks continue between the government and lawyers for billionaire hedge fund operator Raj Rajaratnam (RAHJ rah-juh-RUHT'-nuhm). A judge granted the extension until Dec. 16.

The Sri Lanka-born Rajaratnam is among 20 people charged in a $52 million insider trading case. The portfolio manager for the Galleon Group hedge fund remains free on $100 million bail.

Defense lawyer John Dowd said last month his client would be exonerated.

Prosecutors say talks were going on as recently as last week regarding a possible disposition of the cases.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy.

Click here for copyright permissions! Copyright 2008 Associated Press