SEC blasts Pfizer’s bid for $75 million from insider trading victims’ fund | Reuters

Pfizer first pitched that argument to the SEC in 2014 but agreed to wait to press its case until all of the injured Wyeth and Elan investors were made whole. Last May, after the SEC informed Marrero that $75 million remained in the fund after investors had been repaid in full, the company told the judge, opens new tab why it believes it is entitled to the leftover funds.

The gist of its argument: Because Wyeth was actually victimized by the misappropriation of its confidential data, its parent, Pfizer, is a more deserving recipient than the U.S. Treasury. (Elan, which sought restitution via the criminal case against SAC and related funds, reached a settlement with the funds and has not pressed for a share of the SEC settlement money.)

***

The SEC fired back at Pfizer in a brief, opens new tab filed on Monday. The agency’s primary argument: Pfizer hasn’t demonstrated any measurable loss from the theft of Wyeth’s confidential information so it’s not entitled to recover money from the victims’ fund.

Source: SEC blasts Pfizer’s bid for $75 million from insider trading victims’ fund | Reuters