U.S. Judge Lets Investors Pursue SAC Insider Trading Lawsuit
A federal judge rejected billionaire investor Steven A. Cohen’s bid to dismiss lawsuits by Elan Corp and Wyeth shareholders who claimed they lost money because his firm SAC Capital Advisors LP conducted insider trading in the drugmakers’ stocks. In a decision made public on Thursday, U.S. District Judge Victor Marrero in Manhattan allowed the entire case against Cohen and SAC to go forward, apart from claims that investors agreed should be dismissed because they were brought too late.
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