Adani Argues SEC Fraud Suit Against Him Should Be Tossed

Gautam Adani says that the US Securities and Exchange Commission fraud case against him should be dismissed, with his lawyers arguing that the Wall Street regulator’s case “fails” for multiple reasons.

Lawyers for the Indian billionaire and his nephew Sagar said in a letter to a federal judge in Brooklyn, New York, on Tuesday that they will formally seek to dismiss the case by the end of the month. The SEC, the attorneys said, lacked necessary jurisdiction over the two men and that the alleged misstatements underpinning the case weren’t actionable.