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Hedge fund manager Leon Cooperman told CNBC on Tuesday that he believes he could have won a case brought by the SEC relating to allegations of insider trading at Omega Advisors, but instead decided to settle rather than go through the ordeal of a trial.

Earlier this month Cooperman agreed to a $4.9 million settlement with the SEC, with Omega admitting no wrong doing.

Cooperman also told CNBC that his lawyers assured him that his case was solid, but going to trial would have been difficult.

"My lawyers told me that the probability of my winning would be overwhelmingly high," Cooperman said.

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