SAC To Rescind Pay From Employees In Insider Trading Probe

Law360, New York (May 2, 2013, 10:07 PM EDT) -- SAC Capital Advisors will claw back the pay of employees accused of insider trading, the hedge fund’s chief Steven A. Cohen reportedly said Thursday in a letter aimed at mitigating the blow of swirling insider trading charges amid the inscrutable fund's $600 million settlement with regulators.

The firm will start taking back the compensation of employees who are facing insider trading suits and will withhold the pay of employees leaving the hedge fund while they’re being investigated, according to a copy of the letter obtained by...
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