A federal judge refused to dismiss lawsuits by former Elan Corporation, plc (ADR) (NYSE:ELN) and Wyeth shareholders who claimed they lost money as Steven Cohen’s SAC Capital Advisors LP conducted insider trading in the drug makers’ stocks.
The judge also rejected dismissal requests by defendants Mathew Martoma, a former SAC portfolio manager who was found guilty of insider trading.
SAC's agreement to settle
As reported earlier, SAC Capital agreed in June to settle the insider trading allegations filed by the U.S. Securities and Exchange Commission against its...
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