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SAC says cooperation ‘no longer unconditional’

NEW YORK — SAC Capital Advisors, the hedge fund owned by billionaire investor Steven A. Cohen, told its investors Friday that it was no longer cooperating unconditionally with the government’s insider trading investigation.

‘‘In the past we have tried to be as transparent with you as possible about the state of the investigation while balancing our desire for transparency with the need to keep the details of a sensitive investigation confidential,’’ the letter said. ‘‘While we have in the past told you of our cooperation with the government’s investigation our cooperation is no longer unconditional.’’

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The firm said it expects that there will be substantially more clarity as to the ultimate outcome of the investigation in the coming months.

The letter comes as SAC awaits the final resolution of a civil action brought against SAC by federal securities regulators.

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