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‘Remorseful’ SAC Urges Approval of Insider Trading Pact

SAC Capital Advisors LP urged a federal judge to approve its record $1.8 billion insider-trading settlement with the government, saying the firm is “deeply remorseful” for the illegal acts of its employees.

SAC lawyer Martin Klotz asked U.S. District Judge Laura Taylor Swain in a two-page letter yesterday to sign off on the agreement, which also calls for the firm to close its investment advisory business. A sentencing hearing before Swain is scheduled for April 10 in Manhattan.