SAC Capital Advisors LP executives told investors Monday that its settlements with securities regulators, in which the hedge-fund firm agreed to pay a record $616 million penalty to end two insider-trading cases, was a difficult decision that will help it move forward. On a conference call with clients, SAC President Tom Conheeney cautioned that the two agreements with the Securities and Exchange Commission wouldn't mark the end of the regulatory scrutiny that has shrouded the firm in recent years. The settlements, Mr. Conheeney said on the call, are "an important first step." But, he added, "I don't want to leave you with the thought that this means everything is cleared up." [WSJ, earlier]