Attys Back Judge In $600M SAC Deal As Another Trader Falls

Law360, New York (March 29, 2013, 6:45 PM EDT) -- With another SAC Capital Advisors LLP trader hit with insider trading charges Friday, attorneys defended a New York federal judge who refused to rubber-stamp the hedge fund’s record $600 million civil settlement, saying he was right to question why the firm didn't admit wrongdoing.

The insider trading scandal at SAC widened early Friday morning when FBI agents arrested Michael Steinberg, a former portfolio manager at SAC’s Sigma Capital Management LLC, on charges he used confidential information about earnings reports from Dell Inc. and Nvidia Corp. to...
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