Tags: sac capital | steven cohen | settlement | insider trading

SAC Capital, US to Announce $1.2 Billion Settlement

Monday, 04 Nov 2013 07:30 AM

 

SAC Capital Advisors, Steven A. Cohen's multibillion-dollar hedge fund, and U.S. prosecutors are expected to announce on Monday a $1.2 billion settlement over criminal charges related to insider trading, media reports said.

Reuters reported last month that the deal, which will likely involve some admission of guilt along with a penalty of more than $1 billion, was likely to be announced within days.

The settlement does not resolve a separate civil lawsuit that the Securities and Exchange Commission (SEC) brought against Cohen in July, accusing him of failing to supervise his employees, the New York Times said late on Sunday.

Six former SAC traders have pleaded guilty to insider trading crimes.

Cohen is still negotiating with the SEC to resolve a separate civil lawsuit that is seeking to ban him from the securities industry for allegedly ignoring signs of insider trading at his firm, the Wall Street Journal said.

SAC Capital and U.S. Attorney Preet Bharara's office could not immediately be reached for comment by Reuters outside of regular U.S. business hours.

© 2015 Thomson/Reuters. All rights reserved.

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