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Check out the latest news and insight from the ever-evolving world of institutional investing and hedge funds from around the globe.

Jing Chen has been eVestment’s hedge fund industry news reporter since 2011. To submit industry-related press releases or request feature ideas please contact her at editor@evestment.com

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Alabama Pension Fund Sues Steve Cohen

Apr 15, 2013
Jing Chen

Birmingham Retirement and Relief System is suing hedge fund manager Steve Cohen and his firm SAC Capital Advisors for damages caused by alleged insider trading by one of its portfolio managers.

The complaint filed by the pension fund represents a class of investors that bought drugmaker Wyeth’s common stock in 2008, according to a Pensions & Investments article. An earlier eVestment article reported that Mathew Martoma, who worked at SAC Capital affiliate CR Intrinsic Partners, was charged by federal authorities in November for allegedly making over $250 million for the firm using insider information he received regarding Wyeth.

SAC agreed to pay approximately $612 million last month to settle insider trading charges filed by the Securities and Exchange Commission. The settlement is pending approval by a U.S. District Judge.

Based in Stamford, Conn., SAC has about $15 billion in assets under management. The pension fund manages about $908 million for employees.

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