NEW YORK, June 18 A federal judge on Wednesday
granted final approval to a $602 million insider trading accord
between a unit of billionaire Steven A. Cohen's SAC Capital
Advisors LP and the U.S. Securities and Exchange Commission.
In April, 2013, U.S. District Judge Victor Marrero in
Manhattan had raised concerns about the accord with CR Intrinsic
Investors LLC because it contained language that did not require
the unit to admit or deny the regulator's charges.
He made approval contingent on the outcome of a separate
case involving a settlement between the SEC and Citigroup Inc
. On June 4, a federal appeals court said it was improper
for judges to require the SEC to establish the truth of its
allegations as a condition of approving such accords.
Marrero on Wednesday said the case "has called attention to
the importance of more rigorous inquiry by the SEC" in when to
enter into "neither admit nor deny" settlements. He said "there
may be value in a wait-and-see approach before rushing into a
settlement" when there are parallel criminal proceedings.
SAC is now called Point72 Asset Management. A spokesman for
Point72 declined to comment. The SEC had no immediate comment.
(Reporting by Jonathan Stempel in New York; Editing by David