SAC Capital Beats Prem Watsa in Court

SAC Capital beats Prem Watsa in court. Fairfax Financial brought a case against SAC Capital, Dan Loeb’s Third Point, and Jim Chanos’ Kynikos five years ago. A NJ judge dismissed the five-year old case against SAC Capital. The judge hasn’t decided yet on Dan Loeb’s and Jim Chanos’ motions to dismiss. A few months ago it was revealed that Dan Loeb said “Prem Watsa bend over the hedge funds have something special for you” in an old email.

Jim Chanos on china map

Here is what Reuters said about SAC Capital’s win:

In the lawsuit, Fairfax alleges the hedge funds worked together with industry consultants to persuade financial reporters to write negative stories about Fairfax from 2003 to 2006 in an attempt to “crush” the company’s stock. The insurer claims the hedge fund defendants were shorting, or betting against, Fairfax’s stock and hoped to profit from a decline in the share price.

SAC Capital, throughout the litigation, has argued that it traders rarely shorted Fairfax and had little communication with the other hedge funds. The judge, in ruling for SAC Capital, clearly accepted the hedge fund’s argument.

“Plaintiffs pointed to no direct evidence which establishes a conspiracy of which SAC was part of,” said Judge Hansbury. “Most tellingly, is SAC’s trading reports in Fairfax securities. The fact that at no time did SAC trade similarly to its alleged Enterprise Members is baffling, and without explanation by plaintiffs.”

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Best Travel Destinations in Australia

World’s Most Expensive Musical Instruments

World’s Most Famous Animals

Most Expensive Cakes in the World

Most Expensive Kosher Champagne in the World

Most Expensive Kosher Wine in the World

The Most Surprisingly Dark Fairy Tales

Most Popular Travel Destinations in Asia

The 10 Most Expensive Dresses Ever Worn to the Oscars

World’s Most Visited Art Museums

Best Countries for Photographers to Work in

Best Paid Jobs in the Film Industry

The Most Renowned Recovered Paintings Ever

Child Stars That Turned out Just Fine

Books That Were Banned in the Past Century

World’s Richest Dancers

Best Remedies against Bad Breath

Foods That Improve Your Skin Texture

Best-Selling Children’s Books of all Time

Foods That Boost Your Libido

Best-Selling Books of all Time

The Most Expensive Academy Awards Jewelry in History

Most Expensive Japanese Restaurant In New York City

The Best B-Boy Movies

Most Awesome Hip Hop Documentaries

Foods That Stain Your Teeth

Richest Doctors in the World

The Best Movie Sountracks Ever

The Highest Grossing Musicals on Broadway

The Most Successful Reality TV Stars

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!