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Elan investors clear to sue over losses

Friday, August 15 10:50:18

A US Federal judge narrowed but refused to dismiss lawsuits by former Elan and Wyeth shareholders seeking to recoup losses from billionaire investor Steven A. Cohen and his firm SAC Capital Advisors LP.

The lawsuit is over alleged insider trading in the drugmakers' stocks.

In a decision made public yesterday evening Irish time, U.S. District Judge Victor Marrero in Manhattan dismissed claims for Elan transactions before May 13, 2008 and Wyeth transactions before July 15, 2008, but refused to dismiss other claims.

He also rejected motions to dismiss the lawsuit by Mathew Martoma, a former portfolio manager at SAC's CR Intrinsic unit who was later found guilty of insider trading, and Sidney Gilman, a professor who prosecutors said gave Martoma tips.

SAC is now called Point72 Asset Management.

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