Elan Investors Seek Initial OK For $135M SAC Capital Deal

Law360, Los Angeles (November 30, 2016, 10:26 PM EST) -- Elan Corp. shareholders asked a New York federal court Wednesday to give preliminary approval to a $135 million settlement with now-defunct hedge fund SAC Capital Advisors LP and founder Steven Cohen to settle claims related to insider trading involving shares of the drug giant’s stock.

The suit alleged that an insider trading scandal that sent an SAC portfolio manager to prison for nine years affected the investors' trades of Elan's stock. (AP) The investors said in a motion in support of the deal that the settlement...
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