SEC v. CR Intrinsic Investors, LLC, et al. Case No. 12-cv-8466 (VM) (S.D.N.Y.)
Sept. 21, 2022
On November 20, 2012, the Commission filed its Complaint in the Southern District of New York alleging that CR Intrinsic Investors, LLC (“CR Intrinsic”) generated approximately $275 million in illicit profits as part of an insider trading scheme based on their trading Elan Corporation, PLC and Wyeth securities while in possession of the material nonpublic information about a pending public announcement of negative trial results. See the Amended Complaint filed on March 15, 2013.
By Order dated June 18, 2014, the Court entered a Final Judgment enjoining CR Intrinsic from future violations of the federal securities laws and ordering CR Intrinsic to pay a civil penalty to the Commission in the amount of $601,747,463.22. See the Final Judgment.
On January 26, 2015, the Court established a Fair Fund (“Fair Fund”) and appointed Damasco & Associates, LLP as the Tax Administrator for the Fair Fund. On April 22, 2015, the Court appointed Garden City Group, LLC (“GCG”) as the Distribution Agent responsible for administering the Fair Fund. GCG, in consultation with Commission staff, prepared a Distribution Plan for the CR Intrinsic Fair Fund, which was submitted to the Court on November 23, 2015. An amended Distribution Plan was submitted to the Court on December 10, 2016. On February 4, 2016, the Court issued an Order approving a Distribution Plan for the Fair Fund. See the Plan of Distribution (starting on page 8 of the pdf document).
Claim forms can be found at: CRIntrinsicFairFund.com/notice.php and must be postmarked by July 16, 2016.
On August 7, 2017, the Commission filed a motion for an order to transfer funds for distribution to distribute $494,462,225.22 to eligible investors. See Motion to Distribute.
On August 8, 2017, the Court granted the Commission's motion and entered an order to disburse $494,462,225.22 from the Fair Fund for distribution to eligible investors. See Order Approving Disbursement.
For more information, please contact the Distribution Agent: