Kumar pays to settle Galleon case

A former McKinsey director who pleaded guilty to criminal charges in the Galleon hedge fund insider trading case reached a $2.8m (£1.9m) civil settlement with US market regulator the Securities & Exchange Commission yesterday. The former director of the management consultant firm, Anil Kumar, was among 21 people charged last October and November in what US prosecutors described as the biggest probe of insider trading involving hedge funds.