US prosecutors have given SAC Capital until November to resolve criminal charges against the hedge fund founded by Steven Cohen or risk paying more than the $1.8bn offer on the table, people familiar with the matter said.
Lawyers for SAC Capital met representatives from the US attorney’s office in Manhattan last month and argued that the penalty being sought was too high. They are expected to return with a counter-offer, these people said.
SAC, and its subsidiaries Sigma and CR Intrinsic, were indicted in July on allegations they engaged in a rampant insider trading scheme. The companies, through their attorney, pleaded not guilty.
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