Thursday, December 1, 2016
Steve Cohen is paying $135 million to settle an insider trading case from his old hedge fund
NEW YORK, Nov 30 (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)