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Two SAC Affiliates Agree to Settle Insider Suits
Source: Wall Street Journal
March 15, 2013, 2:25 p.m. ET
Two SAC Affiliates Agree to Settle Insider Suits
By CHAD BRAY
Two affiliates of Steven A. Cohen's embattled SAC Capital Advisors agreed to pay more than $614 million to settle separate civil insider-trading probes, the Securities and Exchange Commission said Friday.
One of those affiliates, CR Intrinsic Investors, agreed itself to pay more than $600 million to settle a civil lawsuit filed by the SEC in November, representing the largest settlement ever for allegations of insider trading, the regulator said.
The settlements come as clients of SAC Capital have moved to pull $1.7 billion from the hedge-fund firm as federal insider-trading probes have weighed on the firm.
At least six former employees have been ensnared in the government's investigation. However, SAC has said the firm and its founder, Mr. Cohen, have acted appropriately and it will cooperate in the government's probe.
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Two SAC Affiliates Agree to Settle Insider Suits
By CHAD BRAY
Two affiliates of Steven A. Cohen's embattled SAC Capital Advisors agreed to pay more than $614 million to settle separate civil insider-trading probes, the Securities and Exchange Commission said Friday.
One of those affiliates, CR Intrinsic Investors, agreed itself to pay more than $600 million to settle a civil lawsuit filed by the SEC in November, representing the largest settlement ever for allegations of insider trading, the regulator said.
The settlements come as clients of SAC Capital have moved to pull $1.7 billion from the hedge-fund firm as federal insider-trading probes have weighed on the firm.
At least six former employees have been ensnared in the government's investigation. However, SAC has said the firm and its founder, Mr. Cohen, have acted appropriately and it will cooperate in the government's probe.
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Read more: http://online.wsj.com/article/SB10001424127887324532004578362510733573252.html
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