Industry News

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

News Archive

Read More Industry News >

Elan Shareholders File Suit Against SAC Capital

May 15, 2013
Jing Chen

Shareholders of drug maker Elan Corp. claim that Steve Cohen’s SAC Capital Advisors owe them as least $549 million as a result of alleged insider trades.

Bloomberg reported that Elan’s shareholders filed a consolidated complaint Monday in Manhattan federal court stemming from charges against SAC former portfolio manager Mathew Martoma. Martoma, who has denied the charges, was accused of helping SAC earn $276 million using confidential information regarding shares of Elan and Wyeth, another pharmaceutical company.

The total minimum net amount owed to Elan shareholders is $685.6 million, which equates to $549.2 million in profits gained and losses avoided, in addition to $396 million in prejudgment interest. The amount in damages is offset by $259.7 million SAC agreed to disgorge as part of a March settlement with the Securities and Exchange Commission.

The article said that shareholders of Wyeth, now a part of Pfizer, have also filed a lawsuit against SAC.

Based in Stamford, Conn., SAC manages about $15 billion in assets.

Read More Industry News >

Want to subscribe?

Join 15,000+ of your colleagues to receive daily hedge fund news from the definitive source in traditional and hedge fund data.

Subscribe Now

Hedge Fund Journal Reviews eVestment's Hedge Fund Database

July, 2012

Read More