SAC Capital seeks protective order on operations after charges


Steven A. Cohen's $15 billion hedge fund SAC Capital Advisors is working on an agreement with U.S. prosecutors for an order to "reasonably protect all parties legitimate interests" as the firm faces criminal insider trading charges.

SAC spokesman Jonathan Gasthalter said in statement on Thursday that a prosection by the U.S. Attorney in Manhattan "is not intended to affect the ongoing operations of SAC's business, prevent investor redemptions, or impact the interests of any of SAC's counterparties."

Continue Reading Below

He said it was not an attempt to freeze any of the hedge fund's assets.

"We anticipate that we and the U.S. Attorney's Office will agree to a protective order intended to reasonably protect all parties' legitimate interests, but will expressly permit SAC to continue its operations in the ordinary course." (Reporting By Emily Flitter; Editing by Grant McCool)