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SAC Capital Sued by Wyeth Investors in Tiping Claim

Bloomberg – SAC Capital Advisors LP was sued by a public pension fund that holds shares of Wyeth LLC, now a unit of Pfizer Inc., over alleged insider trading on tips about an Alzheimer’s drug.

Birmingham Retirement & Relief System sued SAC, its founder, Steven A. Cohen, and SAC units including CR Intrinsic Investors LLC, claiming damages for alleged illegal trading by the hedge fund in the drugmaker’s stock. Stamford, Connecticut- based SAC last month agreed to pay a record $602 million to settle insider-trading allegations filed by the Securities and Exchange Commission.

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