The settlements with two affiliates of hedge fund giant SAC Capital arise out of the SEC's investigation of insider trading in connection with hedge funds and expert networks, which is still continuing, according to the agency.
March 18, 2013 at 12:00 AM
1 minute read
Two affiliates of hedge fund giant SAC Capital have agreed to pay a total of more than $615 million to the U.S. Securities and Exchange Commission to settle insider-trading charges, in what the SEC called the largest-ever insider-trading settlement.
One of the affiliates, CR Intrinsic Investors, was accused of engaging in an insider-trading scheme involving a new Alzheimer’s drug being developed by pharmaceutical companies Elan Corporation and Wyeth.
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