SAC Class Plaintiffs Urge Approval Of $600M SEC Settlement

Law360, New York (July 31, 2013, 1:10 PM EDT) -- The government’s insider trading indictment of SAC Capital Advisors LP warrants immediate approval of the hedge fund’s long-delayed $600 million civil settlement with U.S. regulators, a class of pharmaceutical company investors suing the firm told a New York federal judge Tuesday.

The investors, Elan Corp. PLC and Wyeth Ltd. shareholders who claim they were duped by a $276 million insider trading scheme involving those stocks, said SAC’s recent criminal indictment and a civil administrative case against owner Steven Cohen “constitute changed circumstances that now warrant the...
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