Elan Investors Hurt by SAC Trading To Be Reimbursed Via $602M SEC Fund

Elan Corp. Plc and Wyeth LLC investors who traded the shares in 2008 during a week when SAC Capital Advisors LP was dumping and then shorting the stock based on insider knowledge will be reimbursed through a $602 million fund (SEC v. CR Intrinsic Investors LLC, S.D.N.Y., 12-cv-08466, order ).

The U.S. District Court for the Southern District of New York ordered the establishment of a “fair fund for investor victims” at the request of the Securities and Exchange Commission. The SEC secured the $602 million as part of a $1.8 billion settlement between the U.S. government and ...