Adani hires Trump’s Wall Street lawyer for SEC case in US

Core Viewpoint - Gautam Adani has engaged prominent Wall Street lawyer Robert Giuffra Jr. to defend against fraud allegations from the US Securities and Exchange Commission (SEC) as the regulator seeks to advance its stalled case [1][2]. Group 1: Legal Proceedings - The SEC's lawsuit, initiated in November 2024, accuses Gautam and Sagar Adani of violating US securities laws by making false representations regarding Adani Green Energy Ltd [3]. - The SEC has also charged the Adanis with involvement in a $250 million bribery scheme in India related to solar-power contracts [3]. - The SEC has faced challenges in formally notifying the Adanis of the lawsuit, leading to a request for alternative notification methods, including email and serving papers to other US law firms representing them [4][5]. Group 2: Market Impact - Following news of the SEC's actions, Adani stocks experienced a decline, resulting in a loss of nearly $13 billion in combined market value on January 23 [4]. Group 3: Legal Representation - Robert Giuffra Jr., a co-chair at Sullivan & Cromwell, has a history of representing high-profile clients and has been in contact with the SEC regarding the lawsuit [2][9]. - Giuffra has requested additional time to negotiate with the SEC on how to proceed with the case while both Adanis remain in India [5]. Group 4: Government Involvement - The Indian government is reportedly involved in discussions regarding the summons process, with potential modifications being considered [7]. - The Indian Ministry of Law and Justice and the Ministry of External Affairs have not yet responded to inquiries about the situation [8].