Wednesday, 1 April 2015
Last updated 1 hour 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.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…