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Steven Cohen, SAC Settle Class Action for $135Mn
[Photo: Bloomberg News]
Steven A. Cohen and his former hedge fund SAC Capital Advisors agreed to a $135 million class-action settlement Wednesday, bringing legal costs tied to SAC-related insider-trading cases close to $2 billion. SAC agreed to plead guilty in 2013 to criminal-insider trading charges, and paid $1.8 billion in penalties.
The new amount will be paid to investors in Elan Corp., now a part of Perrigo Co. - Elan played a part in a case involving ex-employee Mathew Martoma, who in 2014 was sentenced to 9 years for trading on inside tips in Elan and other stocks while at SAC.
Mr. Cohen and SAC denied wrongdoing in the Elan class-action case; they agreed to settle “solely to eliminate the uncertainty, burden and expense of further protracted litigation,” according to a joint filing in U.S. District Court in New York.
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