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5. Prem Watsa, Fairfax Financial Holdings Ltd., $666-million
5. Prem Watsa, Fairfax Financial Holdings Ltd., $666-million
(Aaron Harris/Reuters)

Fairfax ‘confident’ claims against SAC will be reinstated

Criminal charges filed against U.S. hedge fund SAC Capital Advisors LP by federal prosecutors could invigorate Fairfax Financial Holdings Ltd.’s lengthy legal battle with the firm and its wealthy founder, Steven Cohen.

On Thursday, a grand jury charged that the insider trading at SAC was “substantial, pervasive and on a scale without known precedent in the hedge fund industry.” The move calls into question the future of the aggressive and well-known hedge fund SAC. But for Toronto-based insurer and investment manager Fairfax, the indictment in some ways vindicates its long and high-profile battle with the company.