NEW YORK (AP) - A New York judge approved a $602 million payment that would resolve insider trading allegations against SAC Capital Advisors - pending a ruling in another case.
But Judge Victor Marrero says he is "troubled" by the idea that CR Intrinsic Investors LLC, a fund associated with SAC, and others could resolve the allegations without admitting or denying that they engaged in insider trading.
SAC agreed to the settlement in March. Federal regulators say it's the largest insider trading settlement ever.
Marrero is waiting for a federal appeals court to rule on a judge's decision to reject Citigroup Inc.'s $285 million settlement over toxic mortgage securities. In that ruling, Judge Jed Rakoff said the SEC shouldn't accept a settlement without an admission of liability.