Hedge fund SAC Capital has agreed to pay $1.8 billion in an insider trading settlement with the U.S. As part of the deal, it will plead guilty to every count in the indictment, U.S. Attorney Preet Bharara said.
In a news conference, Bharara said the settlement has been sent to judges for approval, adding that the agreement doesn't preclude future prosecution of any individuals.
Following the settlement, SAC Capital issued the following statement: "We take responsibility for the handful of men who pleaded guilty and whose conduct gave rise to SAC's liability. The tiny fraction of wrongdoers does not represent the 3,000 honest men and women who have worked at the firm during the past 21 years. SAC has never encouraged, promoted or tolerated insider trading."
The government said in a letter to judges presiding over Manhattan cases that the "proposed global resolution" of the criminal and civil cases against SAC Capital Advisors and related companies also includes an agreement that SAC will cease operating as an investment adviser and will not accept any additional funds from third-party investors.