Steven A. Cohen got a reprieve on Thursday, albeit a small and temporary one, when an administrative law judge approved a request to stay a case brought by securities regulators, who have accused the billionaire hedge fund manager of failing to supervise two of his employees.
Chief Administrative Law Judge Brenda P. Murray granted a stay of the U.S. Securities and Exchange Commission's administrative proceeding against the SAC Capital Advisors founder in an order filed on Thursday.
Federal prosecutors in New York had requested the stay until after criminal cases against the two one-time employees and the $14 billion hedge fund were resolved.
Murray simultaneously denied a request filed by Cohen's lawyers asking that the SEC turn over to Cohen's team the documents related to the case even if it were put on hold in favor of the criminal proceedings.
A spokeswoman for the SEC declined to comment. A spokesman for SAC capital declined to comment. A spokeswoman for Manhattan U.S. Attorney Preet Bharara also declined to comment.