Wall Street giant SAC Capital is expected to plead guilty to insider trading later today, and to announce that it will pay a total of $1.8bn (£1.1bn), the largest settlement of insider-trading probe in history.
A sum of just $1.2bn had been expected. SAC will pay a fine of $900m and forfeit a further $900m.
One of the world's biggest hedge funds – the $15bn fund group will agree not to take money from outside investors. That effectively puts an end to the company.
US Attorney Preet Bharara has scheduled a press conference for 6pm BST, to discuss the "proposed resolution". Here's a tweet from his press office:
SAC mgmt companies agree to plead guilty to all counts in crim indict, pay $1.8 billion, & terminate SAC Capital’s investment advisory bus
— SDNYnews (@SDNYnews) November 4, 2013