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A New Jersey Superior Court judge has dropped SAC Capital from a five-year-old civil suit brought by a Canadian insurance company.
Toronto insurer Fairfax Financial sued hedge fund manager Steven Cohen’s firm and other firms in 2006, accusing them of conspiring with investment banks, journalists and shady operatives to spread false information about the company and profit from shorting its shares.
However, Judge Stephen Hansbury ruled that SAC held long positions while others allegedly shorted Fairfax stock, according to the New York Post.
The other firms still involved in the lawsuit include Dan Loeb’s Third Point Management and Jim Chanos’ Kynikos Associates.
Go to New York Post article
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