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SAC Says Cooperation With U.S. No Longer Unconditional

SAC Capital Advisors LP, in a sign it’s bracing for new developments in the federal insider-trading investigation of the $15 billion hedge-fund firm, told clients it will no longer cooperate unconditionally with the government.

SAC, in a letter sent to investors yesterday, said for reasons of confidentially there would be limited disclosure on the progress of the civil and criminal probes. The firm, run by billionaire Steven Cohen, expects “substantially more clarity” in coming months, according to the letter, portions of which were provided to Bloomberg News.