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SAC Capital settles $1.2bn insider trading case

A Manhattan Federal Court has approved SAC Capital’s $1.2 billion settlement for insider trading.

A Manhattan Federal Court has approved SAC Capital’s $1.2 billion (€867 million) settlement for insider trading.

As part of the settlement, SAC Capital is required to pay the $1.2 billion financial penalty on top of the $616 million it had already agreed to pay to the US Securities & Exchange Commission.

US prosecutors announced in November last year that SAC Capital had agreed to plead guilty to insider trading charges, although its founder Steven Cohen was not charged with any crime.

Cohen, whose own wealth is estimated to be $9 billion, elected at the same time to return the fund’s assets to its clients and convert SAC Capital into a family office to manage his and certain eligible employees’ wealth only.

Last month it was announced that SAC Capital had been renamed Point72 Asset Management.

Point72’s website said it focuses primarily on discretionary long/short equity investing and makes significant quantitative and macro investments.

The family office is headquartered in Stamford, Connecticut, and maintains offices in Tokyo, Hong Kong, Singapore, Boston and New York.

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