SAC Capital to fight civil case against founder
SAC Capital agreed to pay $1.8 billion in an insider trading settlement with the U.S. and plead guilty to every count in the indictment, but the hedge fund plans to fight the civil case against founder Steve Cohen for failure to supervise employees.
Saying that the case is "without merit," SAC signaled that it is unlikely to settle, reported CNBC's Kate Kelly.
The former mighty hedge fund also intends to change its office structure. SAC has informed staff it would manage only the capital belonging to the founder, his relatives and certain employees. The new office may have a new name, but that is yet to be determined.