WHEN: TODAY, THURSDAY, OCTOBER 17TH
WHERE: CNBC'S "STREET SIGNS"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: I HAVE SOME NEW DETAILS ON SAC, THE HEDGE FUND, SETTLEMENT TALKS WITH THE SOUTHERN DISTRICT OF NEW YORK – THE JUSTICE DEPARTMENT ARM THAT HAS BEEN PURSUING THEM FOR INSIDER TRADING. I'M TOLD TALKS ARE MAKING INCREMENTAL PROGRESS AND IN FACT, WE COULD POTENTIALLY SEE A DEAL AS EARLY AS THE END OF OCTOBER THAT THE FINE CURRENTLY BEING DISCUSSED IS IN THE REALM OF $1.5 BILLION. ALTHOUGH A KEY ISSUE IS WHETHER OR NOT A PRIOR SETTLEMENT THAT SAC ALREADY PAID WOULD BE DEDUCTED FROM THAT. I'M TOLD THAT SAC BECOMING A FAMILY OFFICE IS ACTUALLY NOT SOMETHING CURRENTLY ON THE TABLE AS PART OF THESE DISCUSSIONS, ALTHOUGH IT IS A LINGERING ISSUE IN GENERAL. AND PERHAPS IN A NOD TO THAT, FOUNDER STEVE COHEN IN THE LAST FEW YEARS AND ESPECIALLY THIS YEAR, HAS ACTUALLY DOWNSIZED THE SIZE OF HIS OWN PERSONAL TRADING BOOK, MANDY AND BRIAN. SO KIND OF AN INTERESTING DEVELOPMENT THERE AND I'M TOLD HE LIKES TO BE PREPARED FOR ANYTHING. THEY REORGANIZED THE FIRM AWHILE AGO, BUT NOW OBVIOUSLY, THERE ARE SOME LEGAL ISSUES TO THINK ABOUT AS WELL.
About CNBC:
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/