Investor Can Lead SAC Class Action Despite Past Suits

Law360, New York (October 23, 2013, 6:23 PM ET) -- An institutional investor that has served as the lead plaintiff in five different securities class actions in the past three years is not barred from leading another suit over SAC Capital Advisors LP’s alleged $276 million insider trader scheme, a New York federal judge ruled Tuesday.

U.S. District Judge Victor Marerro said the federal “five-in-three rule” — which bars people from serving as the lead plaintiff in more than five securities class actions in any three-year period — was meant to apply to private individuals who...
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