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WHEN: Today, Monday, October 28th
WHERE: CNBC's "Fast Money Halftime Report"
Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.
KATE KELLY: A LONG AWAITED SETTLEMENT BETWEEN THE HEDGE FUND SAC CAPITAL AND FEDERAL PROSECUTORS COULD BE COMING, I'M TOLD, AS EARLY AS THIS WEEK. AND AS PART OF THIS NEARLY AGREED TO SETTLEMENT, SAC IS VERY LIKELY TO MAKE A GUILTY PLEA ON SOME OF THE CHARGES, IF NOT ALL OF THE CHARGES AGAINST IT. THOSE INCLUDE SECURITIES AND WIRE FRAUD. IT IS NOT ENTIRELY CLEAR WHAT THE NATURE OF THE PLEA WILL BE. BUT IT MEANS SIGNIFICANTLY, THAT DOWN THE LINE, SAC WILL NOT BE ABLE TO MANAGE PUBLIC MONEY. ONCE IT PLEADS GUILTY, IT WILL HAVE TO, OVER A SHORT PERIOD OF TIME, EITHER BECOME A FAMILY OFFICE – MANAGING SOLELY THE MONEY OF FOUNDER STEVE COHEN AND CERTAIN EMPLOYEES – OR SHUT DOWN AND PERHAPS REOPEN IN SOME OTHER CAPACITY. AS WELL, THERE IS LIKELY TO BE A MONETARY FINE ATTACHED TO THIS UP NORTH OF $1 BILLION. EXACT TERMS OF THAT AGAIN, STILL DEVELOPING. WE WILL LOOK FOR MORE DETAILS THIS WEEK. BUT AGAIN, I'M TOLD THEY ARE VERY CLOSE, SCOTT. THEY HAVE AGREED TO THE BROAD CONTOURS OF THIS DEAL AND WE ARE LIKELY TO SEE SOME NEWS VERY, VERY SOON.
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