Hedge Fund Will Pay $600M in Settlement

CR Intrinsic, a unit of the giant hedge fund SAC Capital, has agreed to pay $600 million to settle charges by the Securities and Exchange Commission that it engaged in insider trading. Federal authorities had charged that the hedge fund, run by billionaire Steven Cohen, profited by trading on inside information about clinical trials involving drugs made by the Elan Corp. and Wyeth. The settlement is the largest in the SEC's history.