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Judge Approves SAC Capital $1.8B Settlement

Apr 10, 2014
Jing Chen

SAC Capital Advisors’ record $1.8 billion insider trading settlement has been approved by a federal judge.

Bloomberg Businessweek reported that the judge is still discussing the terms of the agreement, which includes a $900 million fine to end the criminal case, as well as a separate $900 million judgment the Connecticut-based hedge fund agreed to pay to end the suit.

SAC, which changed its name to Point72 Asset Management earlier this week, pleaded guilty to insider trading in November after being charged last July with wire fraud and four counts of securities fraud for allegedly allowing insider trading to go unchecked from 1999 through at least 2010.

About a dozen SAC Capital portfolio managers have been steadily leaving the firm to join rivals hedge funds in the last several months as the firm downsizes as it transitions into a family office.

SAC, which had about $14 billion in total assets under management as of last year, is expected to manage about $9 billion once the firm completes its transition to a family office.

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eVestment’s 2015 Hedge Fund Industry Outlook

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