SAC Capital Advisors LP, the hedge fund company founded by Steven A. Cohen, owes Elan Corp. shareholders at least $685.6 million as a result of alleged insider trades in the drugmaker’s stock, investors said in a lawsuit.
SAC Capital Advisors LP’s record $602 million insider trading settlement with the U.S. Securities and Exchange Commission was approved by a federal judge, who conditioned his ruling on a future appeals court decision in an SEC settlement with Citigroup Inc.
SAC Capital Advisors LP will have to wait to learn if its $602 million insider trading settlement with the Securities and Exchange Commission can go forward, after a Manhattan judge raised questions over a provision that allows the hedge fund to avoid admitting it did anything wrong.
European Union banks will be forced to boost capital, disclose more information on their activities than ever before, and face tougher scrutiny of how they measure risks, after lawmakers formally endorsed a law to overhaul the bloc’s financial rulebook.
SAC Capital Advisors LP may have an easier time completing a $602 million settlement with the Securities and Exchange Commission than Citigroup Inc. did in 2011, in part because it faces a different judge, according to securities lawyers.
Amazon.com Inc., the world’s biggest online retailer, and discount Internet seller Overstock.com Inc. lost a challenge to New York’s Internet sales tax law as the state’s highest court rejected their arguments that it was unconstitutional.
The U.S. Securities and Exchange Commission gets a lot of well-deserved brickbats for settling cases with crooks and cheats without making them admit to breaking the law. The deals often show the agency to be gutless and weak. Other times they look plain stupid.