SAC Capital Advisors LP, which is facing federal insider-trading charges and a money laundering lawsuit, was granted court approval to continue operating until the cases are resolved.
US District Judge Richard Sullivan in Manhattan, who's presiding over the money-laundering case, yesterday signed an order to protect the Stamford, Connecticut-based fund's legitimate operations from being impeded by the government while the case is pending.
The indictment of SAC, the New York hedge fund owned by Steven A Cohen, and the related laundering case were announced July 25 by Manhattan US Attorney Preet Bharara, who called SAC "a veritable magnet for market cheaters." Bharara said SAC reaped hundreds of millions of dollars in illicit profits through separate insider-trading schemes by at least eight former SAC fund managers and analysts.
