Steven Cohen, SAC Capital agree to pay $135 million to settle class action suit regarding insider trading

Steven A. Cohen, billionaire and former hedge fund SAC Capital Advisors CEO agreed to a $135 million class-action settlement . The total legal costs tied to SAC insider-trading cases is  $2 billion.The $135 million will be paid to investors in Elan Corp., now a part of PerrigoCo. In 2013, SAC agreed to plead guilty  to criminal-insider trading charges, and paid $1.8 billion in penalties.

 Mr. Cohen and SAC denied wrongdoing in the Elan class-action case; they agreed to settle “solely to eliminate the uncertainty, burden and expense of further protracted litigation,” according to a joint filing in U.S. District Court in New York.

Mr. Cohen manages  his multibillion-dollar family fortune at Point72 Asset Management.

Jeffrey Newman represents whistleblowers