Law360, New York (July 25, 2013, 6:29 PM EDT) -- Federal prosecutors on Thursday lodged criminal charges against Steven Cohen's SAC Capital Advisors LP, accusing the prominent Connecticut hedge fund of perpetrating an insider trading scheme "on a scale without known precedent." Here, attorneys share their reactions to the news.
Michael E. Clark, Duane Morris LLP
"To prove criminal cases like the charges filed against SAC is relatively easy. The prosecutors can be expected to rely on the 'collective knowledge' doctrine which imputes to the entity all the knowledge from its employees in order to establish the required knowledge element of the allegations. Insider trading allegations are not looked upon sympathetically...
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