Deal reached in trading case involving Dell shares
Sigma Capital, a subsidiary of hedge fund titan Steven Cohen's SAC Capital Advisors, has agreed to pay $14 million to settle allegations the firm engaged in insider trading on shares of Dell Inc. and Nvidia Corp.
The settlement came the same day SAC Capital also agreed to a much larger settlement, saying it would pay more than $600 million to U.S. securities regulators to settle allegations of improper trading of shares of Elan Corp. and Wyeth Inc.
In pleading guilty in the Dell-related case, Jon Horvath, an analyst at Sigma Capital Management, said he and his co-conspirators obtained material nonpublic information on Dell in August 2008 and about Nvidia in May 2009 from insiders at the two technology companies.
Dell Inc. was not accused of any wrongdoing in the case.
Chairman leaving board of Austin-based Hanger Inc.
Ivan Sabel, the former CEO and one of the leading forces behind the growth of Hanger Inc., will step down as chairman of the Austin-based company in May, according to a regulatory document filed Friday.
Sabel said he will not stand for re-election after his current term expires on May 9, according to the company, which makes prosthetics and orthotics. The board plans to elect a new chairman after the company's annual meeting on that same date.
Sabel's decision to step down "resulted from increased time requirements associated with other business commitments," the filing said.
A longtime veteran of the orthopedics industry, Sabel joined Hanger in 1986 when it acquired a company he had founded. He led the company as Chairman and CEO from August 1995 to February 2008. During his time as CEO, Hanger's workforce more than tripled to 3,000 employees from about 900, and the company made almost 100 acquisitions.
The company moved its headquarters to Austin in 2010. It now has about 5,000 employees company-wide, with more than 200 employees at its corporate offices in Austin and additional employees in area clinics.
Condo project planned at Steiner Ranch
Taylor Morrison plans to start construction this month on 20 luxury condominiums within the master-planned Steiner Ranch community in Northwest Austin.
Called The Casitas, the project will overlook the fairways of the University of Texas Golf Club, and be within walking distance of UT's new swimming facility and indoor tennis center.
The Casitas will consist of 10 condo buildings, each with an upstairs and downstairs unit contained on a single story. The condos will have tile roofs, wood garage doors and stone and stucco exteriors, and each will have its own garage.
Residents will have access to Steiner Ranch amenities, including three community centers, a network of hiking and biking trails and a waterfront Lake Club on Lake Austin.
Eurozone remains vulnerable, IMF says
FRANKFURT, Germany -- The eurozone remains vulnerable to shocks because of weak banks and incomplete regulatory safeguards, the International Monetary Fund said Friday, in a warning to European leaders not to slacken their efforts to build a more resilient financial system.
In its first official assessment of the EU financial system, the IMF urged political leaders to show resolve in addressing the remaining weaknesses in the structure of the eurozone. Unfinished tasks include creation of a mechanism for winding down failed banks, and a system to guarantee customer deposits in order to prevent runs on banks, the IMF said.