NEW YORK (AP) -- A federal appeals panel has decided that a former Goldman Sachs (NYSE:GS) and Procter & Gamble (NYSE:PG) 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.

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.

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