U.S asks for more time to prepare for SAC Capital lawsuit

Gavel

A civil forfeiture lawsuit against SAC Capital Advisors should be put on hold while prosecutors continue their criminal case against the hedge fund over alleged insider trading, the U.S. told a federal judge in Manhattan.

Bloomberg reports that civil discovery would adversely affect the ability of the government to conduct the prosecution of a related criminal case, prosecutors said in the filing Friday.

The hedge fund, which held as much as $14 billion in July, was founded by Steven A. Cohen, who is worth about $9bn, according to the Bloomberg Billionaires Index.

Prosecutors announced criminal charges against the fund on July 25 over what they described as unprecedented insider trading by employees as far back as 1999.

Hit the link below to access the complete Bloomberg article:

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