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Judge Approves SAC's Insider Trading Settlement

Apr 17, 2013
Jing Chen

A U.S. federal judge has approved Steve Cohen’s SAC Advisors $602 million insider trading settlement.

The Associated Press reported that Judge Victor Marrero said that while he is “troubled” by the idea that SAC affiliate CR Intrinsic could resolve insider trading allegations without admitting or denying wrongdoing with a large settlement, he agreed that the amount paid is fair.

The Securities and Exchange Commission is reviewing Marrero’s decision.

eVestment previously reported that the SEC charged former CR Intrinsic portfolio manager Mathew Martoma last year of allegedly making over $250 million for the firm using insider information he received regarding an Alzheimer disease drug trial.

Based in Stamford, Conn., SAC manages about $15 billion in assets. Cohen was recently named the third highest-paid hedge fund manager of 2012, taking home $1.4 billion last year.

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