July 19, 2013 / 6:24 PM / 4 years ago

SAC says charges against Cohen have 'no merit'

Hedge fund manager Steven A. Cohen, founder and chairman of SAC Capital Advisors, responds to a question during a one-on-one interview session at the SkyBridge Alternatives (SALT) Conference in Las Vegas, Nevada May 11, 2011.Steve Marcus

(Reuters) - The charges against billionaire hedge fund manager Steven A. Cohen have "no merit" and Cohen will fight them "vigorously," said a spokesman for Cohen's firm SAC Capital Advisors in a statement to the media on Friday.

The statement came in response to charges from the U.S. Securities and Exchange Commission that Cohen failed to supervise two employees who are accused of insider trading.

Reporting By Emily Flitter; Editing by Gerald E. McCormick

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