SAC Unit Will Pay $600M To Settle Insider Trading Claims

Law360, New York (March 15, 2013, 2:24 PM EDT) -- A unit of hedge fund SAC Capital Advisors LP has agreed to pay more than $600 million to resolve allegations that it traded on inside information about an experimental Alzheimer's drug, the largest ever settlement in an insider trading suit, the U.S. Securities and Exchange Commission said Friday.

The historic settlement resolves a case the SEC filed against the hedge fund adviser in November. Friday marks the first time that a unit of SAC Capital, named for billionaire founder Steven A. Cohen, has ever settled with...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.