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Cohen Is Said to Remain Silent as SAC Managers Summoned

Billionaire hedge-fund manager Steven A. Cohen declined to testify before a grand jury about allegations of insider trading at his SAC Capital Advisors LP, according to three people familiar with the matter.

Cohen, 57, made use of his Fifth Amendment right not to incriminate himself after being summoned, said the people, who asked not to be identified because the information is private. He was excused from appearing before the grand jury after informing prosecutors through his lawyers that he planned to use the right, said one of the people.