The charges against billionaire hedge fund manager Steven A. Cohen have "no merit" and Cohen will fight them "vigorously," said a spokesman for Cohen's firm SAC Capital Advisors in a statement to the media on Friday.

The statement came in response to charges from the U.S. Securities and Exchange Commission that Cohen failed to supervise two employees who are accused of insider trading. (Reporting By Emily Flitter; Editing by Gerald E. McCormick)