Tuesday, May 14, 2013

Elan shareholders sue Cohen’s SAC Capital for nearly $1B

From the NY Post: A group of burned investors wants Steve Cohen’s SAC Capital to fork over nearly $1 billion — cash the hedge-fund giant earned by trading on alleged inside information of drug company Elan Corp.

The Elan shareholders filed an amended and consolidated class action complaint in Manhattan federal court today, and said they are able to pinpoint their damages because the Securities and Exchange Commission, in its civil settlement with SAC, did all the legwork….

“By trading while in possession of material, nonpublic information, the SAC defendants ... illegally obtained at least $549 million,” the lawsuit charges. The suit also seeks interest of $396 million, for a total of $945 million….

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