SAC's Cohen Settles SEC Admin Claim In Inside Trading Case

Law360, New York (January 8, 2016, 1:20 PM EST) -- Billionaire former hedge fund manager Steven A. Cohen has agreed to settle a U.S. Securities and Exchange Commission claim that he failed to reasonably supervise a former portfolio manager convicted of a $276 million insider trading scheme at his now-shuttered firm SAC Capital Advisors LP, the agency said Friday.

In the breakthrough accord, Cohen did not admit or deny wrongdoing but will be barred from supervising funds that manage outside money, the SEC said. He also will have to open up his current firm, a so-called family office known as Point72 Asset Management LP, to SEC examinations and must retain an...

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