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SAC wins bid to be dropped from Fairfax RICO suit


T-bone1
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The good thing is that no one else has been dropped.  While it's preferable to kill the body of the snake, chopping heads isn't bad either.  Some of these guys are definitely guilty, and Fairfax is going to nail a few of them...progress!  Cheers!

 

Who is left in the lawsuit?

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http://www.reuters.com/article/2011/09/14/saccapital-lawsuit-idUSS1E78D0VH20110914?feedType=RSS&feedName=financialsSector&rpc=43

 

The judge has yet to rule on motions filed by other hedge fund defendants, including Daniel Loeb's Third Point Financial and Jim Chanos' Kynikos Associates, to dismiss the five-year-old lawsuit.

 

"After five years of litigation, the court's ruling affirms, as we have always maintained, that this vexatious proceeding against us was entirely baseless and without merit," said SAC Capital's general counsel, Peter Nussbaum.

 

A spokesman for Fairfax said the insurer will appeal the ruling, "which it believes is incorrect."

 

Reuters, along with Bloomberg News, are intervenors in the civil lawsuit, seeking access to millions of pages of documents and depositions that have been sealed in the case. Reuters, for instance, is opposing a motion to keep sealed portions of Cohen's lengthy deposition in the dispute.

 

 

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I may be wrong but I think the Sith Lords (LOL) are a pretty smart bunch. I think most of the dirty work is done by the hedgies which USED to have a connection with SAC. SAC may have an investment or Stevie may have an investment but it sure is not going to show up on any of SAC's trading records. "Ya we had some dough with ABC hedge fund but we had no knowledge on how the money was invested other than general strategy or reputation of the mgr". It is a pretty decent fire wall as long as every one keeps their mouth shut. Since a civil suit even a RICO action only has monetary penalties it is unlikely the circle of silence ever gets breached. It is all a bit dis heartening people have given Stevie dough because they were pretty sure he was cheating same was true for Madoff.

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