Rajaratnam's trial begins, opening statement to be made today

The high-profile Raj Rajaratnam insider-trading trial didn't quite start with a bang as the day one of the trial was largely taken up with the process of picking a jury. According to Richard Holwell, the judge presiding over the case, the opening statements will be made on Wednesday in the criminal trial of Galleon hedge fund founder.

Rajaratnam, whose legal team includes John Dowd and a nine-member team from Akin Gump Strauss Hauer & Feld LLP, could have a legal bill of $40 million. However, Rajaratnam maintains his innocence, even though those accused along with him have pleaded guilty, including two Indian-origin-Americans - former Intel executive Rajiv Goel and Anil Kumar, an ex-director at McKinsey & Co. Several other Indian-origin people have also been named as suspects in the case.

Rajaratnam has been charged with 14 counts of securities fraud and conspiracy. He could face a sentence of more than 20 years in prison. This is the first case to use authorised wiretaps.