SEC delays decision on SAC fund for burned investors

Wall Street watchdogs canceled an internal meeting on Thursday to decide whether to establish an investor fund from the record fine levied against convicted hedge fund SAC Capital.

The Securities and Exchange Commission, which had been scheduled to meet behind closed doors to weigh the matter, tabled a decision until Oct. 30.

Investors in Elan and Wyeth, who are suing SAC over claims they were harmed by its insider-trading in those stocks, want the SEC to put the more than $600 million it collected from the hedge fund in a Fair Fund for victims.

SAC, run by hedge-fund kingpin Steve Cohen, pled guilty to civil and criminal charges of insider trading in 2012 and paid the SEC $602 million as part of the settlement.

Cohen changed the name of the hedge fund to Point72 and runs it as a family office that manages his considerable wealth, estimated at nearly $9 billion.