Steven Cohen’s Wall Street hedge fund, SAC Capital says it ‘takes responsibility’ for a ‘handful’ of insider traders within its firm.

According to media reports, the company issued a statement revealing that among 3000 traders there were a small number of ‘wrongdoers’.

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The US Attorney’s office said the hedge fund giant would pay $1.8 billion (£1.1bn) as they have agreed to plead guilty to insider trading charges.

The settlement comes after a seven-year-long investigation.

Billionaire manager, Steven Cohen, is a high profile figure in US finance with a net-worth of $9bn (£5.6bn). He has not personally been charged with any crime, but the Attorney’s office reported that he has agreed to give up its investment advisory business.

SAC’s statement said: "We never encouraged, promoted or tolerated insider trading."

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At its peak, SAC Capital managed about $15bn in assets.