A Manhattan federal judge signaled on Tuesday that he will not rubber-stamp a central component of billionaire Steven A. Cohen’s SAC Capital Advisors LP’s record $1.2 billion insider trading settlement with the government, saying he needs more information about the accord’s fairness.
Citing the recent judicial “debate” about how closely to scrutinize regulatory settlements, U.S. District Judge Richard Sullivan directed SAC and the U.S. Department of Justice to address at a hearing on Wednesday morning what standard he should use to evaluate the civil forfeiture portion of the accord.
via U.S. judge won’t rubber-stamp SAC insider trade decision — Reuters
