Wednesday, 1 April 2015
Last updated 7 hours ago
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.
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…