CR Intrinsic (SAC) Agrees to Pay More than $600 Million in Largest-Ever Insider Trading Settlement

Hedge fund CR Intrinsic Investors agreed to pay more than $600 million to settle insider trading charges. In November 2012, the SEC charged CR Intrinsic with insider trading, alleging one of its portfolio managers traded on confidential information received from a medical consultant about Wyeth and Elan’s failed drug trials. The SEC also amended its complaint, adding S.A.C. Capital and hedge funds managed by it as relief defendants because they were said to have received gains from the insider trading.

View Complaint in full here (links externally to SEC website).See also: Press Release.