SAC Capital Settles Its Insider Trading Case, Again

Turns out that there was insider trading at SAC Capital. I know, right? I'm as shocked as you are. You are not shocked, I take it. This is not new news.

In March SAC announced its $616 million Securities and Exchange Commission settlements and was all "let's put this behind us," whoops. In July the SEC brought a separate case against Steve Cohen himself, and then the Justice Department indicted the firm. Today the firm put that indictment behind it, with a plea agreement that involves SAC paying $1.8 billion -- but it gets credit for the $616 million it's already paid the SEC, so it's more like $1.2 billion -- and agreeing not to manage any outside money. That's sort of a hedge-fund death penalty, though it's a death by natural causes since SAC was pretty much down to running $9 billion of Cohen's personal fortune anyway. $8 billion now I guess.