Hedge fund CR In­trin­sic In­vestors will pay more than $600 mil­lion in what fed­er­al reg­u­la­tors are call­ing the largest in­sid­er trad­ing set­tle­ment.The Se­cu­ri­ties and Ex­change Com­mis­sion charged the firm with in­sid­er trad­ing in 2012, al­leg­ing that one of its port­fo­lio man­agers il­le­gal­ly ob­tained con­fi­den­tial de­tails about an Alzheimer's drug tri­al from a doc­tor be­fore the fi­nal re­sults went pub­lic and made trades from that in­for­ma­tion. The SEC said Fri­day that the fund agreed to set­tle the charges and the par­ties nei­ther ad­mit nor de­ny the charges.

"The his­toric mon­e­tary sanc­tions against CR In­trin­sic and its af­fil­i­ates are a sharp warn­ing that the SEC will hold hedge fund ad­vi­so­ry firms and their funds ac­count­able when em­ploy­ees break the law to ben­e­fit the firm," George S Canel­los, act­ing di­rec­tor of the SEC's Di­vi­sion of En­force­ment, said in a state­ment.