Rengan Rajaratnam, brother of imprisoned hedge-fund founder Raj Rajaratnam, lost a bid to dismiss insider-trading charges or exclude wiretap evidence federal prosecutors want to use at his June trial, potentially giving the government more leverage to obtain a plea deal.
Lululemon Athletica Inc. won dismissal of claims that shareholders lost $2 billion because the athletic-wear company misled them about quality problems with its products, including bleeding colors and see-through yoga pants.
SAC Capital Advisors LP’s landmark $1.8 billion settlement of a U.S. government insider-trading probe stretching back to 2007 was approved by a federal judge, bringing to an end the hedge fund’s role as a money manager and capping a decade of insider-trading cases.
SAC Capital Advisors LP employees gathered in the hedge fund’s cafeteria on July 21, 2008, for a seminar by former Securities and Exchange Commission Chairman Harvey Pitt on compliance and how to prevent insider trading.
Former Jefferies & Co. Managing Director Jesse Litvak asked a judge to throw out his conviction in the only criminal case against an individual in connection with a U.S. program that used bailout funds to spur investment in mortgage-backed securities.
Billionaire Steve Cohen hired Vincent Tortorella as chief surveillance officer for Point72 Asset Management LP, the family office that oversees Cohen’s wealth after the closing of his SAC Capital Advisors LP hedge- fund firm.