The Traderszone Network

Published in TZ Latest News 24 December, 2015 by The TZ Newswire Staff

SAC Capital to pay $10 million in investors’ insider trading lawsuit

Billionaire Steven A. Cohen’s former hedge fund SAC Capital Advisors LP has agreed to pay $10 million to resolve a lawsuit by shareholders of drugmaker Wyeth, who claimed they lost money because the fund engaged in insider trading in Wyeth’s stock. The proposed settlement was disclosed in court papers filed on Wednesday in federal court in Manhattan and would resolve a class action launched following the arrest of a former SAC Capital portfolio manager, Mathew Martoma, for insider trading.

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