SAC Capital Advisors LP urged a federal judge to approve its record $1.8 billion insider-trading settlement with the government, saying the firm is “deeply remorseful” for the illegal acts of its employees, Bloomberg News reported yesterday. SAC lawyer Martin Klotz asked U.S. District Judge Laura Taylor Swain in a two-page letter yesterday to sign off on the agreement, which also calls for the firm to close its investment advisory business. A sentencing hearing before Swain is scheduled for April 10 in Manhattan. Four SAC units were indicted last year, accused of reaping hundreds of millions of dollars in illegal profit through insider trades by employees dating to 1999. Steven A. Cohen, the firm’s founder, faces an administrative action by the Securities and Exchange Commission alleging he failed to supervise the hedge fund’s activities. Eight current or former SAC employees have been convicted of insider trading charges.
