News Summary: Judge approves $602M SAC settlement

CONDITIONAL APPROVAL: A New York judge approved a $602 million payment that would resolve insider trading allegations against Steven Cohen's SAC Capital Advisors and affiliate funds — pending a ruling in another case involving Citigroup.

THE ISSUE: The judge is "troubled" by the idea that hedge funds can resolve charges without admitting or denying wrongdoing.

WAITING ON: The 2nd U.S. Circuit Court of Appeals in Manhattan in the Citigroup case is expected to rule on a 2011 decision by another judge to reject Citigroup's $285 million settlement with the SEC because the bank did not admit wrongdoing.