(Bloomberg) Wall Street’s top cop demanded that a resolution of its insider-trading case against Leon Cooperman include the billionaire investor accepting a temporary suspension from the hedge fund industry, according to people familiar with the matter.
Before suing Cooperman last month, the U.S. Securities and Exchange Commission pushed the outspoken trader to agree to a settlement that would have required him to pay about $8 million in penalties and prevented him for some period of time from managing money for clients, said the people who asked not to be named because the meetings were private. Cooperman has shown no signs of wanting to negotiate, as he’s repeatedly denied wrongdoing and said his firm met with the SEC before it filed the lawsuit to explain why its allegations were “totally unwarranted.”
