Partner Greg Wallance Discusses Conditions of SAC Capital Settlement in Reuters
November 4, 2013
Reuters reports that hedge fund SAC Capital Advisors will have to retain a compliance consultant appointed by the government as part of the settlement agreed to after SAC pleaded guilty to insider trading charges. This is yet another instance of the US Department of Justice requiring a company to retain a government monitor as part of a settlement, in the hopes of preventing it from committing similar crimes in the future.
According to Kaye Scholer White-Collar Litigation & Internal Investigations Partner Greg Wallance, "The department is saying in effect, it's not enough for the company to pay a big fine, they've got to change their ways.”