SAC, prosecutors strike formal deal to keep firm going noa

NEW YORK (Reuters) - A U.S. judge on Friday approved an agreement between Steven A. Cohen's hedge fund, SAC Capital Advisors, and federal prosecutors to allow the hedge fund to continue to operate while the criminal case against it proceeds.

Manhattan federal Judge Richard Sullivan issued a protective order that requires SAC to hold on to the vast majority of the assets it manages for Cohen.

Though the firm is operating normally, several employees were leaving on Friday as investor redemptions reduced the size of the workforce SAC will need.

The agreement has been widely expected since Manhattan federal prosecutors filed criminal charges and a civil asset forfeiture claim against the $14 billion fund last month, but it required approval of the judge presiding over the asset forfeiture case.

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