Two Republican SEC members blast SAC insider trading victims’ fund

Two Republican members of the U.S. Securities and Exchange Commission lambasted plans to compensate victims of an insider trading scandal at a unit of the hedge fund SAC Capital Advisers, calling it nothing more than a windfall for class-action lawyers. In an unusual move, SEC Commissioners Daniel Gallagher and Michael Piwowar announced their dissent for the $602 million fund in an op-ed item in the Wall Street Journal posted late Monday evening that appeared in Tuesday’s print edition. (on.wsj.com/1wga7Oa) Typically, such opinions are posted directly on the SEC’s website, or in some cases, not widely publicized. More on Reuters here.