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The Canadian Press - ONLINE EDITION
Hedge fund to pay $600M to settle SEC insider trading charges; fund is SAC Capital affiliate
WASHINGTON - A hedge fund company will pay more than $600 million in what federal regulators are calling the largest insider trading settlement.
The Securities and Exchange Commission said Friday that CR Intrinsic Investors has agreed to settle charges that it traded on non-public information about trials of an Alzheimer's drug.
The commission also settled charges against Sigma Capital Management for $14 million. Sigma allegedly profited illegally from early information about the earnings of two technology companies.
The cases stem from a long-running probe of insider trading by hedge funds, many of which are affiliated with SAC Capital Partners. CR Intrinsic was an affiliate of SAC. A separate SAC affiliate fund allegedly benefited from Sigma's actions.
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Yahoo takes big leap with $1.1 billion deal for Tumblr
SAN FRANCISCO (AP) — Yahoo is buying online blogging forum Tumblr ...
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