Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

U.S. judge lets investors pursue SAC insider trading lawsuit

Reprints

(Reuters) — A federal judge narrowed but refused to dismiss lawsuits by former Elan Corp. and Wyeth shareholders seeking to recoup losses from billionaire investor Steven A. Cohen and his firm SAC Capital Advisors L.P. over insider trading in the drugmakers’ stocks.

In a decision made public on Thursday, U.S. District Judge Victor Marrero in Manhattan dismissed claims for Elan transactions before May 13, 2008 and Wyeth transactions before July 15, 2008, but refused to dismiss other claims.

He also rejected motions to dismiss the lawsuit by Mathew Martoma, a former portfolio manager at SAC’s CR Intrinsic unit who was later found guilty of insider trading, and Sidney Gilman, a professor who prosecutors said gave Mr. Martoma tips.

SAC is now called Point72 Asset Management.

Read Next

  • SAC's Martoma found guilty of insider trading

    (Reuters) — Mathew Martoma, a former portfolio manager at billionaire Steven A. Cohen’s SAC Capital Advisors L.P. hedge fund, was found guilty on Thursday of engaging in the most lucrative insider trading scheme in U.S. history.