2nd UPDATE: Judge Wants Trial In Case Vs Rajaratnam In 5 Months

NEW YORK -(Dow Jones)- The judge hearing the U.S. Securities and Exchange Commission's civil insider-trading case against Raj Rajaratnam, the founder of hedge-fund firm Galleon Group, wants it ready to go to trial in five months.

In a court filing Monday, U.S. District Judge Jed S. Rakoff in Manhattan ordered that the case "absent extraordinary circumstances" be ready to go to trial within five months of a status conference set for Nov. 4.

Rajaratnam is one of six people who were charged criminally earlier this month by prosecutors from the U.S. Attorney's office in Manhattan in a $20 million insider-trading case.

The SEC has brought parallel civil charges against Rajaratnam, the others charged in the criminal case and his firm, Galleon Group.

A lawyer for Rajaratnam didn't immediately have a comment when reached Monday.

It's unclear whether the SEC's civil case will actually go to trial within five months. Traditionally, prosecutors ask the court to stay the parallel SEC civil action pending the outcome of the criminal case.

A spokeswoman for the U.S. Attorney's office declined comment on whether prosecutors will seek a stay of the Galleon civil case.

-By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com

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