he SEC said Friday that the fund agreed to pay more than $600 million to settle the charges. The parties neither admit nor deny the charges. The SEC's complaint alleged that Sidney Gillman, a doctor who moonlighted as a medical consultant, tipped drug safety data and negative drug trial results to Martoma two weeks before developers Elan Corp. and Wyeth made those results public in 2008. Martoma and CR Intrinsic then caused several hedge funds to sell more than $960 million in Elan and Wyeth securities in a little more than a week. Regulators added SAC Capital Advisors and four hedge funds managed by CR Intrinsic and SAC Capital as defendants, saying they each received ill-gotten gains from the scheme. "The historic monetary sanctions against CR Intrinsic and its affiliates are a sharp warning that the SEC will hold hedge fund advisory firms and their funds accountable when employees break the law to benefit the firm,toms shoes," George S. Canellos, acting director of the SEC's Division of Enforcement, said in a statement. The settlement is subject to the approval of a U.S. District Court judge. It does not settle charges against Martoma,toms outlet, whose case is still in litigation. Also Friday, the SEC settled charges against Sigma Capital Management for $14 million. Sigma allegedly profited illegally from early information about the earnings of two technology companies. The cases stem from a long-running probe of insider trading by hedge funds, many of which are affiliated with SAC Capital. The government has targeted multiple employees of the Stamford, Conn.-based hedge fund,tomsoutletsalecheap.com, though no charges have been brought against Cohen. SAC said in a statement Friday that it is happy to put these matters with the SEC behind it. "This settlement is a substantial step toward resolving all outstanding regulatory matters and allows the firm to move forward with confidence," the company said. "We are committed to continuing to maintain a first-rate compliance effort woven into the fabric of the firm." ____ Daniel Wagner in Washington contributed to this report. Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. An insider's guide to politics and policy, available on the iPad or as a PDF download.
By COLLEEN BARRY and FRANCES D'EMILIO, Associated Press ROME (AP) Italy's newly elected Parliament was locked in political gridlock as it convened Friday for the first time after elections gave no party a clear victory. The normally routine inaugural duty of electing leaders of both houses was caught in a stalemate auguring badly for the establishment of the stable government needed to keep the eurozone's third-largest economy on a straight fiscal path while introducing growth measures to bring Italy out of recession and get more Italians back to work. Acting Senate president Emilio Colombo who was tapped to run the chamber until a leader can be elected because at 92 he is the oldest member of the chamber told lawmakers that the political stalemate will hurt It Related articles:

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