Public pension fund Birmingham Retirement & Relief System has sued SAC Capital Advisors LP over allegations of insider trading.
Birmingham, which holds shares of Wyeth LLC, has filed a claim for damages for alleged illegal trading tips about an Alzheimer's drug. The pension fund named SAC, its founder Steven Cohen and SAC units including CR Intrinsic Investors LLC as respondents.
In its complaint, Birmingham fund said it is representing a class of investors who bought Wyeth common stock from July 21 to July 29, 2008.
Last month, Connecticut-based SAC Stamford agreed to pay $602 million as a settlement for an insider-trading complaint filed by the Securities and Exchange Commission. The complaint charged Matthew Martoma, a former CR Intrinsic portfolio manager, with illegal trading to help SAC make profits by trading in Elan Corp and Wyeth LLC.
The Birmingham suit came after two others that have been filed against SAC by holders of Elan shares.
However, a SAC spokesman said that the new lawsuit present no new liability to SAC as any liability to the plaintiffs had been fully discharged by SAC's earlier settlement with the SEC.
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