Friday, March 29, 2013

Judge balks at SAC's $602M settlement

Maybe hedge-fund titan Steve Cohen should have waited to buy that $155 million Picasso to celebrate his insider-trading settlement with the Securities and Exchange Commission.  Manhattan federal Judge Victor Marrero said he may not approve a record $602 million settlement between the SEC and an affiliate of Cohen’s SAC Capital because he has questions about controversial language allowing the hedge fund to “neither admit nor deny” wrongdoing….

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