Kaplan v SAC Update: Check Distribution Details | ELN Message Board Posts

Elan Corporation, plc

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Msg  548837 of 548853  at  3/26/2019 9:55:23 AM  by

LovesJohnDory


 In response to msg 548825 by  LovesJohnDory
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Kaplan v SAC Update: Check Distribution Details

The final distribution checks in the Elan class action settlement with SAC should be mailed in the next two weeks, representing about 11% of what you received in November 2018, although it is my understanding that there is a $20 minimum for checks (so if you received less than about $180 in the first distribution, you will not receive a second distribution).

This brings to an end the SAC insider trading saga, which cost SAC (meaning Cohen, who owned SAC) about $2 billion. Martoma, who refused to testify against his former boss, is still in federal prison for a few more years. In all, our work led to over $700 million being made available to former ELN and WYE shareholders who traded opposite SAC's insider trading. Our class action was broader than the SEC and DOJ cases, which dealt only with SAC's insider selling in July 2008. Our case also benefited those who sold during the nearly two year period leading up to ICAD while SAC was buying on positive insider information. Our class action settled for $135 million, while the copycat lawsuit brought subsequently by separate attorneys on behalf of WYE shareholders settled much earlier for just $10 million (it makes a difference who is selected as counsel, and who is the lead plaintiff behind the litigation).

I recommend reading "Black Edge," by Sheelah Kolhatkar. I also recommend watching HBO's "Billion," based loosely on SAC and the Elan insider trading.


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Replies
Msg # Subject Author Recs Date Posted
548838 Re: Kaplan v SAC Update: Check Distribution Details lousher 5 3/26/2019 12:14:10 PM
548839 Re: Kaplan v SAC Update: Check Distribution Details nerdseeksblonde 1 3/27/2019 8:18:56 AM


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