07:00 AM EST, 01/15/2025 (MT Newswires) -- Pfizer ( PFE ) has appealed a federal judge's decision denying the company $75.2 million from a 2013 insider trading settlement involving Steven Cohen's former hedge fund SAC Capital Management, Reuters reported late Tuesday.

The funds are from SAC's $602 million settlement with the US Securities and Exchange Commission over trades in drugmakers Wyeth and Elan by Mathew Martoma, a former SAC employee who was later convicted of insider trading, the report said.

Pfizer ( PFE ) argued it deserved the money because a neurologist who tipped Martoma about a 2008 Alzheimer's drug trial owed a fiduciary duty to Wyeth, which Pfizer ( PFE ) acquired in 2009, the report added.

The US District Judge Victor Marrero ruled in November that Wyeth was not a victim of Martoma's trading, leaving Pfizer ( PFE ) ineligible for the funds, Reuters reported.

Pfizer ( PFE ) has now filed the case with the 2nd US Circuit Court of Appeals in Manhattan, which could take months, the report said.

Pfizer ( PFE ) did not immediately respond to MT Newswires' request for comment.

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