Monday, 22 December 2014
Last updated 15 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.