A 46-page “white paper” written by lawyers for Mr Cohen was sent to SAC employees on Monday. It provides a detailed riposte to the civil complaint filed by the Securities and Exchange Commission three days earlier, and points to the likely defence to be used by the investor in future legal proceedings.
In a copy of the document seen by the Financial Times, the lawyers argue that Mr Cohen reads only a small fraction of his emails, and had no reason to think that employees possessed illegitimate information. They also say the SEC has overstated the extent to which SAC bet against the value of two drug stocks.
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‘Enforcement 40’ for 2020
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