Tuesday, 16 September 2014
Last updated 9 hours ago
Jun 18 2013 | 10:27am ET
The Alabama pension fund that brought a class-action lawsuit against SAC Capital Advisors for alleged insider-trading will serve as the lead plaintiff in another suit against the hedge fund, a judge has ruled.
The Birmingham Retirement & Relief System was appointed lead plaintiff, according to a court order yesterday. It will act on behalf of its fellow plaintiffs in seeking restitution from SAC for its trades in Elan Corp. shares. Those trades have the hedge fund squarely in the sights on federal prosecutors, and have already led to the arrest of a former SAC portfolio manager and a $602 million settlement from the hedge fund.
BRRS is an Elan shareholder; the lawsuit alleges that it and other shareholders of the pharmaceutical company were harmed by SAC's alleged illicit trading, which prosecutors said earned it $276 million. The pension fund has also filed a class-action suit against SAC over its trades in another pharmaceutical company, Wyeth LLC.
The arrested SAC manager, Mathew Martoma, allegedly received tips about Elan and Wyeth Alzheimer's disease drug tests.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
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