The Goldman Sachs retirement plan is pulling $300 million from Leon Cooperman’s Omega Advisors in the wake of insider trading charges, Bloomberg News is reporting.
Omega and Cooperman were charged with insider trading last month.
Cooperman confirmed the information with Bloomberg, and said: “Bottom line is that we have done nothing wrong and this will be proven in a court of law. We are disappointed that they couldn’t make an independent decision. They are rewarding the government for bad behaviour.”
Cooperman has vowed to fight the charges, and last month said that the charges were baseless.
Cooperman is a Goldman alum, and spent a quarter of a century there before founding Omega in 1991, according to Omega’s website. He was chairman and CEO of Goldman’s asset management group.
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