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US District Judge Victor Marrero in Manhattan rejected Pfizer's bid to recoup about $75.2 million left over from a SEC insider trading settlement with hedge fund SAC Capital Management. Read more: https://t.co/mGh8CPj4PE https://t.co/jdCoGrSmrs
A New York federal judge agreed with the SEC that roughly $75.2 million leftover in settlement funds should be transferred to the U.S. Treasury — not a Pfizer subsidiary — now that distribution of the $602 million insider trading deal has concluded. https://t.co/Xnwz4NthJ2
A Florida federal judge has granted a $196 million judgment against a group of fraudsters to the SEC after fixing what he called a "scrivener's error" in the original order that caused the Eleventh Circuit to overturn a part of the award in September. https://t.co/av7EOjGbtW
Pfizer has faced a setback as a federal judge in New York, Victor Marrero, rejected the company's attempt to recoup approximately $75.2 million from a settlement related to an insider trading case involving billionaire Steven A. Cohen's hedge fund, SAC Capital Management. The judge ruled that the leftover funds from the U.S. Securities and Exchange Commission's (SEC) $602 million settlement would be transferred to the U.S. Treasury rather than to Pfizer. This decision follows a previous ruling where the Eleventh Circuit overturned a portion of a $196 million judgment against a group of fraudsters, which was also related to SEC actions. Pfizer is also seeking to halt a lawsuit in the D.C. Circuit that aims to hold the company liable for alleged terror activities impacting American servicemembers in Iraq.
