Daily News: November 5, 2013

SAC Capital to Pay Largest Insider Trading Fine Ever

Bloomberg reported that according to the terms of an announced settlement agreement, SAC Capital will pay $1.8 billion to resolve the criminal indictment brought against the firm for insider trading — the largest fine for insider trading in U.S. history.

Bloomberg said the future of Steven Cohen, the firm’s founder and one of the 150 richest men in the world, has not been so clearly resolved.

Bloomberg noted that under the proposed settlement, SAC will pay $900 million in forfeiture and a $900 million fine. Cohen, as the owner of the firm, will pay for all of it out of his own pocket, Bloomberg said.

To read the entire Bloomberg , click here.