Mr. Cooperman’s lawyers, Daniel Kramer and Theodore Wells at Paul Weiss, said in a statement, “We
and our clients are very pleased with this outcome, which speaks for itself.”
In the lawsuit, regulators contended that Mr. Cooperman had misused his position as one of the biggest shareholders in Atlas Pipeline Partners to gain confidential
information from an unidentified executive at the company about the sale of one of its gas-processing facilities to another energy company in July 2010.
Leon Cooperman’s Hedge Fund Settles Insider Trading Case -
By MATTHEW GOLDSTEINMAY 18, 2017
When securities regulators sued the hedge fund manager Leon G. Cooperman last year, accusing
him of violating insider trading laws, he vowed to fight to the bitter end.
Stephanie Avakian, acting enforcement director at the agency, said on Thursday
that the “settlement protects against future violations while requiring Cooperman and Omega Advisors to pay significant fines for their misconduct.”
She noted that the settlement requires Omega to retain an outside consultant to monitor trading activity until 2022.
In September, when the Securities and Exchange Commission filed its lawsuit, Mr. Cooperman
told his investors, “I’m not going to let these people destroy my legacy.”
But it may well be that he is holding his tongue until the settlement is formally approved.
