US hedge fund SAC Capital Advisors has struck a deal with American prosecutors to pay a record fine of $US1.8 billion for insider trading.
The fund, owned by billionaire, Steven Cohen, agreed to plead guilty to criminal insider trading charges, as part of an investigation which has lasted more than five years.
SAC Capital said in a statement that it takes responsibility for the handful of men who pleaded guilty and whose conduct gave rise to SAC's liability.
Mr Cohen has not been personally charged and under the terms of the agreement he will no longer manage money for outside investors, but he would still be allowed to invest his own personal funds, an estimated $9.4 billion.
