Wyeth, Elan Investors Slam $1.2B SAC Plea Bargain

Law360, New York (November 7, 2013, 7:42 PM EST) -- Investors in Elan Corp. and Wyeth on Thursday urged a New York federal judge to reject SAC Capital Advisors LP’s $1.2 billion insider trading plea bargain, saying that the agreement with prosecutors lets it avoid admitting insider trading in those companies.

Under the plea deal, SAC will not have to admit to insider trading in the pharmaceutical companies that netted the hedge fund $276 million, investors said in a letter to U.S. District Judge Laura Taylor Swain.

Judge Swain has scheduled a hearing for Friday on...
To view the full article, register now.