SAC Judge Delays Decision on Insider-Trading Plea
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The U.S. judge overseeing SAC Capital Advisors LP’s guilty plea to securities fraud said she wouldn’t immediately decide whether to accept it, saying she wanted to review the documents first.
The hedge fund yesterday entered a plea through its general counsel, who appeared in Manhattan federal court before U.S. District Judge Laura Taylor Swain. Insider-trading trials of two SAC fund managers are scheduled over the next three months in the same courthouse -- trials that could still put the hedge fund’s founder, Steven A. Cohen, in jeopardy, should either defendant seek a plea bargain and cooperate with the U.S. in its continuing probe of the firm’s employees.