US prosecutor: Proposed resolution reached in hedge fund SAC Capital's NY insider trading case

A federal prosecutor in New York says a proposed resolution has been reached in the insider trading case against hedge fund giant SAC Capital Advisors.

A news conference was scheduled for 1 p.m. Monday in Manhattan.

The case involves criminal charges filed in July against SAC Capital and related companies.

In a separate case, SAC previously agreed to pay $615 million penalty to settle an insider trading claim by the Securities and Exchange Commission.

Of the roughly $15 billion in assets that SAC managed as of earlier this year, a4bout half belonged to it billionaire founder, Steven A. Cohen, and his employees. The rest was client money.

Cohen wasn't named as a defendant in the case.