Judge Richard Sullivan Signs Off on SAC Deal

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Nov. 6 (Bloomberg) -- Steven A. Cohen’s SAC Capital Advisors LP won partial approval of its $1.8 billion settlement with the U.S., as a federal judge said he’ll sign off on an agreement to resolve a civil money-laundering case against the hedge fund. Su Keenan reports on Bloomberg Television's "Money Moves." (Source: Bloomberg)

Su keenan with me with the latest.

It is certainly a big hurdle that has been cleared.

This is one of two judges required before the deal becomes final.

Judge richard sullivan said he did not feel he had much authority to review the deal, but it is more a formality.

Certainly he agreed to sign off on that, and that puts sac capital that much closer to putting the settlement behind them.

As you said, one more step to the fund getting this news behind them, but there still is a pretty big event on friday.

What is expected to happen?

Big and unusual.

This is an entity that will be appearing before a federal judge.

They will enter a formal guilty plea.

It's not just one person but a team of attorneys.

We have seen this happen before in july when they were first indicted.

The plea they give -- the wording will be very careful.

It is the job of the judge to sign off and make sure that what was agreed in the negotiations is actually said, and that will be some kind of admission of guilt.

In connecticut, they are preparing already to switch over to a family office where they are not managing anymore outside money.

What has the reaction then the?

One person i talked to who was fairly close to cohen a wild back said that no one likes to lose in their circle -- a while back.

The name michael milken was brought up.

He said he certainly is an example that you go off, you come back, and you can be pretty well respected.

We do know that a large auction is scheduled by 70s next wednesday -- southern beast -- by sotheby's next wednesday.

It certainly is not out of the woods yet for mr.

Cohen.

Latest.

It is certainly a big hurdle that has been cleared.

This is one of two judges required before the deal becomes final.

Judge richard sullivan said he did not feel he had much authority to review the deal, but it is more a formality.

Certainly he agreed to sign off on that, and that puts sac capital that much closer to putting the settlement behind them.

As you said, one more step to the fund getting this news behind them, but there still is a pretty big event on friday.

What is expected to happen?

Big and unusual.

This is an entity that will be appearing before a federal judge.

They will enter a formal guilty plea.

It's not just one person but a team of attorneys.

We have seen this happen before in july when they were first indicted.

The plea they give -- the wording will be very careful.

It is the job of the judge to sign off and make sure that what was agreed in the negotiations is actually said, and that will be some kind of admission of guilt.

In connecticut, they are preparing already to switch over to a family office where they are not managing anymore outside money.

What has the reaction then the?

One person i talked to who was fairly close to cohen a wild back said that no one likes to lose in their circle -- a while back.

The name michael milken was brought up.

He said he certainly is an example that you go off, you come back, and you can be pretty well respected.

We do know that a large auction is scheduled by 70s next wednesday -- southern beast -- by sotheby's next wednesday.

It certainly is not out of the woods yet for mr.

Cohen.

Thanks very much.

This text has been automatically generated. It may not be 100% accurate.

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