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Updated Wednesday, November 18, 2009 10:00 am TWN, AP

Indictment deadline for hedge fund chief extended

NEW YORK -- 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. A judge granted the extension until Dec. 16.

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

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