Hedge fund mogul David Tepper had a case of deja vu when he ranked as the best paid hedge fund manager for the second year running by earning $3.5bn (€2.5bn) in 2013 with a savvy bet on airline stocks.

A former portfolio manager has urged a US federal judge to dismiss two insider trading charges tied to his firm’s sales of Elan’s US depositary receipts.

SAC Capital Advisors, the hedge fund firm founded by Steven Cohen, owes Elan shareholders at least $685.6m (€533.3m) as a result of alleged insider trades in the drugmaker’s stock, investors said in a lawsuit.

FBI agents raided three hedge funds in what one of the targets called a wide-ranging probe of insider trading in the financial industry.