Victor Marrero’s not so sure that the regulator was sufficiently scientific in calculating exactly how much Point72 Asset Management née SAC Capital Advisors owes to the universe (and Elan and Wyeth shareholders) for its extraordinarily lucrative bit of insider trading.
SAC Capital Advisors LP, the hedge-fund firm that Steven A. Cohen transformed into a family office following a record insider-trading settlement, lost a bid to dismiss an investor class action over the wrongdoing….
“SAC’s arguments are inappropriate at this stage in the proceedings,” Marrero said in his ruling, signed yesterday and made public today. “The allegations in this suit concern what has been called the most profitable insider trading scheme ever uncovered.”
Marrero, who delayed approving that pact because it did not require SAC to admit or deny wrongdoing, said the settlement did not establish to a “scientific truth” what SAC should owe.