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SAC Capital to pay $135 million in investors' insider trading case

Reuters  |  NEW YORK 

NEW YORK (Reuters) - Billionaire Steven A. Cohen's former hedge fund SAC Capital Advisors LP has agreed to pay $135 million to resolve a lawsuit by shareholders of Elan Corp, who claimed they lost money because it engaged in insider trading in the drugmaker's stock.

The proposed settlement was disclosed in court papers filed on Wednesday in Manhattan federal court and would resolve a class action launched following the arrest of a former SAC Capital portfolio manager, Mathew Martoma, for insider trading.

(Reporting by Nate Raymond in New York; Editing by Chris Reese)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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SAC Capital to pay $135 million in investors' insider trading case

NEW YORK (Reuters) - Billionaire Steven A. Cohen's former hedge fund SAC Capital Advisors LP has agreed to pay $135 million to resolve a lawsuit by shareholders of Elan Corp, who claimed they lost money because it engaged in insider trading in the drugmaker's stock.

NEW YORK (Reuters) - Billionaire Steven A. Cohen's former hedge fund SAC Capital Advisors LP has agreed to pay $135 million to resolve a lawsuit by shareholders of Elan Corp, who claimed they lost money because it engaged in insider trading in the drugmaker's stock.

The proposed settlement was disclosed in court papers filed on Wednesday in Manhattan federal court and would resolve a class action launched following the arrest of a former SAC Capital portfolio manager, Mathew Martoma, for insider trading.

(Reporting by Nate Raymond in New York; Editing by Chris Reese)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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SAC Capital to pay $135 million in investors' insider trading case

NEW YORK (Reuters) - Billionaire Steven A. Cohen's former hedge fund SAC Capital Advisors LP has agreed to pay $135 million to resolve a lawsuit by shareholders of Elan Corp, who claimed they lost money because it engaged in insider trading in the drugmaker's stock.

The proposed settlement was disclosed in court papers filed on Wednesday in Manhattan federal court and would resolve a class action launched following the arrest of a former SAC Capital portfolio manager, Mathew Martoma, for insider trading.

(Reporting by Nate Raymond in New York; Editing by Chris Reese)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22