Thursday, March 28, 2013
Judge Holds up Approval of SAC Settlement Because of Citigroup Appeal
Judge Victor Marrero, a federal district judge in the S.D.N.Y., said he needed more time to consider a $602 million settlement between the SEC and the hedge fund, SAC Capital Advisors LP, intended to resolve insider-trading allegations. The judge said he was concerned about the potential impact of SEC v. Citigroup, an appeal now pending before the Second Circuit, in which the SEC and Citigroup challenge the district court's refusal to approve the settlement. He suggested he might condition his approval of the SAC settlement on the outcome of that decision. WSJ, Judge Needs More Time to Weigh SAC Settlement .