Gautam Adani hires Trump's lawyer as US fraud case advances
What's the story
Gautam Adani, India's second-richest man, has hired Robert Giuffra Jr., a top Wall Street lawyer, to defend him in a US Securities and Exchange Commission (SEC) fraud case. The move comes as the SEC pushes to move forward with its case against Adani and his nephew Sagar. The lawsuit, filed in November 2024, accuses them of violating US securities laws by making false claims about Adani Green Energy Ltd.
Legal background
Giuffra's notable clients and ongoing cases
Giuffra, who co-chairs the white-collar crime practice at Sullivan & Cromwell, has represented several high-profile clients in major financial cases. He is also working on President Donald Trump's appeal against his criminal conviction. Alongside the SEC's civil case, federal prosecutors in Brooklyn have accused the Adanis and other executives of backing a $250 million bribery scheme in India to secure solar power contracts.
Case progress
SEC seeks alternative notification methods
Both the criminal and SEC cases have been stalled for over a year, with the Adanis currently in India. The SEC recently requested a US judge's permission to use alternative methods to formally notify the Adanis of the lawsuit. This includes serving papers on other US law firms representing them and notifying them via email.
Market impact
Adani stocks dip following SEC's move
The news of the SEC's move resulted in a dip in Adani stocks, wiping out nearly $13 billion from their combined market value on January 23. The SEC said it had been unsuccessful in its attempts to formally serve the Adanis with the lawsuit in India. Normally, litigation cannot proceed in the US until defendants have been properly notified of a complaint.
Legal representation
Giuffra offers to accept lawsuit on behalf of Adanis
The SEC said in a court filing that Giuffra had contacted the agency, offering to represent Gautam and accept the lawsuit on their behalf. He has asked for more time to negotiate with the SEC on how to proceed with both Adanis in India. US District Judge Nicholas Garaufis is expected to rule on the SEC's request soon.