Monday, 20 October 2014
Last updated 7 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...