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United States v. S.A.C. Capital Advisors, LLP

United States District Court for the Southern District of New York

Sealed Indictment

Facts

S.A.C. Capital Advisors, LLP (S.A.C.) (defendant) was a hedge fund owned and founded by Steven A. Cohen. S.A.C. sought and hired employees who had contacts with public companies and encouraged its employees to gather exclusive information about public companies. As a result, multiple employees began obtaining and trading on inside information. Despite evidence that its employees were engaged in insider trading, S.A.C. never questioned where the information came from and failed to effectively employ its compliance systems to ensure that the information was legitimate. S.A.C. received millions of dollars in profit as a result of the insider trading. A grand jury charged S.A.C. with insider trading, alleging that S.A.C. had enabled and promoted the insider trading committed by its employees.

Rule of Law

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Issue

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Holding and Reasoning

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A "yes" or "no" answer to the question framed in the issue section;
A summary of the majority or plurality opinion, using the CREAC method; and
The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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