Facts

The U.S. Securities and Exchange Commission (SEC) filed a civil complaint against Vinayak Gowrish, a former associate at TPG Capital LP for violating U.S. insider-trading laws when he allegedly leaked information about pending acquisitions to a friend who was also an investment banker.

Other defendants in the lawsuit included Gowrish's friend, and other individuals who were passed down the illegal tip.

PLAINTIFF'S CONTENTIONS:
The SEC claimed that Gowrish acted either knowingly or recklessly in providing inside information to a friend and received cash and/or other benefits in exchange for the information.

DEFENDANT'S CONTENTIONS:
The defendant denies that he provided information to his friend either knowingly or recklessly, or that he received any benefit from providing such information.

Damages

The court has not yet determined the appropriate remedies and will do so in a separate hearing to be conducted in March or April.

Result

The jury found the defendant liable for misappropriating material nonpublic information either knowingly or recklessly. The jury did not consider damages or remedies, and neither damages nor remedies were part of the jury's verdict.