Friday, 26 August 2016
Last updated 48 min 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.