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Shareholder Lawsuit Against SAC Takes Next Step

A New York court designated a pension fund as the lead plaintiff in a lawsuit filed by shareholders of Elan Corp against SAC Capital, a court filing showed, as the hedge fund continued to face varied legal challenges over insider-trading charges.Pension fund City of Birmingham Retirement and Relief System has been named as the lead representative party, who will act on behalf of other co-litigants in directing the lawsuit, according to a court order on Monday.The lawsuit, which was filed by investors in Elan's American depositary receipts, complained that SAC reaped millions in trading profit based on inside information.The legal challenge posed by Elan shareholders is another burden for SAC as it already faces redemption requests from its investors and also a U.S. government lawsuit.In the lawsuit filed by federal prosecutors, the court has already set a November 4 start for the criminal trial of Mathew Martoma, a former portfolio manager at SAC Capital Advisors, on insider trading ch...

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  5. SAC's Martoma switches lawyers in insider-trading case

    Mathew Martoma, a former portfolio manager at hedge fund SAC Capital Management, has hired a new lawyer to defend him in his insider-trading case.Martoma has brought...

  6. Gasparino: Slew Of New Insider-Trading Cases on the Way

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  7. SEC: Sigma Capital Management to Pay $14 Million to Settle Insider Trading Charges

    New York hedge fund advisory firm Sigma Capital Management has agreed to pay $14 million to settle insider trading charges, the Securities and Exchange Commission sa...

  8. SAC Affiliates in $614M Insider Trading Settlement

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  10. Obstacles to DOJ’s Investigation Into SAC Capital Founder?

    FBN’s Charlie Gasparino on the Department of Justice’s insider-trading investigation of SAC Capital Partners founder Steve Cohen.

  11. Citigroup's private bank pulling money from SAC Capital: WSJ

    Citigroup Inc's private bank is withdrawing its $187 million investment from SAC Capital Advisors LP, the latest of several client redemptions at the hedge fund firm...

  12. Analysis: Titan's taste for small funds seen behind its SAC exit

    Money manager Titan Advisors has decided that bigger isn't always better.The firm, which manages about $3 billion on behalf of pension funds and wealthy individuals,...

  1. Pfizer Wins $2.15B Patent Suit with Teva, Sun Pharma

    Pfizer (NYSE:PEF) won a $2.15 billion settlement with Teva Pharmaceuticals (NYSE:TEVA) and Sun Pharma on Tuesday for patent-infringement related to its acid-reflux d...

  2. Judge sets November 4 insider trading trial for SAC's Martoma

    A federal judge on Wednesday set a November 4 start for the criminal trial of Mathew Martoma, a former portfolio manager at hedge fund SAC Capital Advisors, on insid...

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  7. SAC's Martoma says U.S. impedes defense in fraud case

    Former SAC Capital Advisors portfolio manager Mathew Martoma said the government is impeding his ability to defend against criminal insider trading charges by trying...

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