Steven Cohen, SAC Reach $135 Million Insider-Trading Settlement
November 30 2016 - 9:10PM
Dow Jones News
Billionaire Steven A. Cohen and his former hedge fund SAC
Capital Advisors agreed to a $135 million class-action settlement
Wednesday, bringing legal costs tied to SAC-related insider-trading
cases close to $2 billion.
The new amount will be paid to investors in Elan Corp., now a
part of Perrigo Co. Elan played a part in a case involving a former
employee, Mathew Martoma, who was in 2014 sentenced to nine years
in prison for trading on inside tips in Elan and other stocks while
at SAC.
SAC agreed to plead guilty in 2013 to criminal-insider trading
charges, and paid $1.8 billion in penalties.
Mr. Cohen and SAC denied wrongdoing in the Elan class-action
case; they agreed to settle "solely to eliminate the uncertainty,
burden and expense of further protracted litigation," according to
a joint filing in U.S. District Court in New York.
Mr. Cohen now manages his multibillion-dollar family fortune at
Point72 Asset Management.
"We are pleased to have resolved this matter and close the books
on this chapter of SAC-era litigation," a Point72 spokesman said in
a statement.
Write to Rob Copeland at rob.copeland@wsj.com
(END) Dow Jones Newswires
November 30, 2016 20:55 ET (01:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Perrigo Company Plc Irel... (NYSE:PRGO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Perrigo Company Plc Irel... (NYSE:PRGO)
Historical Stock Chart
From Apr 2023 to Apr 2024