Friday, 29 August 2014
Last updated 47 min ago
Nov 4 2013 | 12:12pm ET
Investors in two pharmaceutical companies whose shares were allegedly illegally traded by SAC Capital Advisors have asked a federal judge to reject any deal that doesn't include an admission of the wrongdoing they have alleged.
SAC has reached a settlement agreement with federal prosecutors that will be announced later today. Reports of the firm's negotiations with the U.S. Attorney's office in Manhattan indicated that SAC was loathe to admit wrongdoing in the case of its trading in Elan Corp. and Wyeth LLC shares, as former portfolio manager Mathew Martoma, who made the trades, has pleaded not guilty and is set to go on trial next year.
The plea agreement includes at least one securities-fraud guilty plea, but it is not yet clear what it covers. And if it doesn't cover Elan and Wyeth, the lawyers leading the class-action lawsuits against SAC want it junked.
"The plea being negotiated will allow defendants to plead guilty and pay a fine in excess of $1 billion without admitting liability for insider trading in Elan or Wyeth," plaintiffs lawyer Ethan Wohl wrote in a Friday court filing to U.S. District Judge Laura Taylor Swain, who is overseeing the SAC case. "A plea agreement on those terms, if tendered to the court, should be rejected."
Wohl wrote that Elan and Wyeth investors are "crime victims" of SAC's alleged fraud.
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…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...