Economic news
Pfizer loses bid to recoup $75 million left over from SEC settlement
2024.11.19 17:18
NEW YORK (Reuters) – A federal judge on Tuesday rejected Pfizer (NYSE:)’s bid to recoup about $75.2 million left over from a U.S. Securities and Exchange Commission settlement with billionaire Steven A. Cohen’s hedge fund SAC Capital in an insider trading case.
U.S. District Judge Victor Marrero in Manhattan said Wyeth, a drugmaker that Pfizer bought in 2009, was not a victim of the securities violations underlying the SEC case, and therefore was not entitled to recover the funds.
Marrero directed that the money be paid to the U.S. Treasury, which the SEC had requested.
