“A federal judge raised questions on Thursday about a settlement of more than $600 million between the hedge fund SAC Capital Advisors and securities regulators to resolve insider-trading accusations, expressing specific concerns over a provision that allows SAC to avoid admitting that it did anything wrong.

“In a hearing at Federal District Court in Manhattan, Judge Victor Marrero considered whether to approve the settlement between the Securities and Exchange Commission and the hedge fund, which is owned by the billionaire trader Steven A. Cohen.

““There is something counterintuitive and incongruous about settling for $600 million if it truly did nothing wrong,” Judge Marrero said, referring to SAC.

“Martin Klotz, a lawyer for SAC, said that his client, in agreeing to pay such a large fine, was making a business decision.”

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