NY appeals court allows ex-Goldman, P&G board member to stay free pending appeal of conviction

A federal appeals panel has decided that a former Goldman Sachs and Procter & Gamble board member can remain free on bail pending the appeal of his insider trading conviction.

A two-judge panel of the 2nd U.S. Circuit Court of Appeals made the ruling Tuesday after listening to arguments regarding the case against Rajat Gupta (rah-JAHT' GOOP'-tah).

The court did say lawyers should expect to file their briefs within a month and a half, indicating that the appeal will be heard quickly.

Gupta was sentenced in October to two years in prison and fined $5 million.