A New York judge approved the smaller of two proposed settlements between units of Steve Cohen’s $15 billion hedge fund SAC Capital Advisors and the Securities and Exchange Commission over civil charges related to insider trading.
The roughly $14 million settlement is between the SEC and Sigma Capital Management, where a former analyst, Jon Horvath, admitted to trading on non-public information.
The settlement’s approval followed a courtroom surprise on Thursday in the other case the SEC filed against a unit of SAC, when a second judge held off approving the deal.