NEW YORK – Steven A. Cohen’s hedge fund SAC Capital Advisors told investors on Friday it would no longer cooperate “unconditionally” with the U.S. government’s insider trading investigation.
In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it believes the next few months will be critical in the investigation.
The firm said that “over the coming months there will be more clarity about the outcome of these matters.”
The letter, which an investor in the fund who did not want to be identified read to Reuters over the telephone, also said while SAC believes in transparency, it may not be able to give frequent updates to investors.
“In the past we have tried to be as transparent as possible,” the fund said.