Cohen’s SAC Capital Sued By Elan Investors For Nearly $1 Billion

Elan Corporation, plc (ADR) (NYSE:ELN) shareholders filed a law suit seeking nearly $1 billion against SAC Capital for alleged insider trading on the Irish drug maker by the hedge-fund. Why SAC Capital Is Sued? According to a report in New York Post, the law suit alleges Cohen’s SAC Capital traded on tips about a failed Elan drug trial, allowing the hedge fund to earn $720 million besides selling Elan shares worth nearly $500 million. Cohen is considered one of the $2 trillion hedge fund industry’s best known and most successful traders. He has been generating an average annual return of 25…