Pfizer (PFE) has appealed a federal judge's decision denying the company $75.2 million from a 2013 insider trading settlement involving Steven Cohen's former hedge fund SAC Capital Management, Reuters reported late Tuesday.
The funds are from SAC's $602 million settlement with the US Securities and Exchange Commission over trades in drugmakers Wyeth and Elan by Mathew Martoma, a former SAC employee who was later convicted of insider trading, the report said.
Pfizer argued it deserved the money because a neurologist who tipped Martoma about a 2008 Alzheimer's drug trial owed a fiduciary duty to Wyeth, which Pfizer acquired in 2009, the report added.
The US District Judge Victor Marrero ruled in November that Wyeth was not a victim of Martoma's trading, leaving Pfizer ineligible for the funds, Reuters reported.
Pfizer has now filed the case with the 2nd US Circuit Court of Appeals in Manhattan, which could take months, the report said.
Pfizer did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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