Pharma. Wants SAC-Linked Legal Fees Covered

Apr 1 2014 | 1:42pm ET

Pharmaceutical company Elan Corp. wants some of the $1.8 billion SAC Capital Advisors hopes to pay to settle insider-trading allegations.

Elan, whose shares former SAC trader Mathew Martoma was convicted of trading illegally, has asked to be declared a victim of the scheme under federal law. Such a designation would allow it to recoup $1.5 million in legal fees it incurred while cooperating with federal probes of SAC.

“Over the course of more than three years, Elan responded to numerous requests” from the Department of Justice, Federal Bureau of Investigation and Securities and Exchange Commission “for documents, electronic data and related materials,” Elan chief legal officer Gregory Bokar said.

U.S. District Judge Laura Taylor Swain is set to consider SAC’s guilty plea to insider-trading charges on April 10. As part of that deal, SAC has agreed to cease managing outside capital and to become a family office. The firm will change its name to Point72 Asset Management three days before the hearing.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...