Saturday, 29 August 2015
Last updated 20 hours ago
Jan 4 2010 | 12:26pm ET
SAC Capital Advisors founder Steven Cohen’s ex-wife has hired a new lawyer to handle her $300 million lawsuit against the hedge fund honcho.
Patricia Cohen has charged Gaytri Kachroo with handling the civil racketeering case, filed just a few weeks ago in New York federal court. The complaint alleges that Cohen hid millions in marital assets from his then-wife and the authorities, lying under oath about his net worth. The lawsuit also claims that Steven Cohen confessed to trading on insider information about General Electric’s 1985 takeover of RCA.
But according to Kachroo, that’s just the beginning. Kachroo, who is not a litigator but a corporate lawyer with her own practice—she represented Madoff whistleblower Harry Markopolos—said she only took the case after hearing of new facts that do not appear in last month’s complaint. She said those new details would be included in a new or amended complaint.
“I think we have a very strong case, especially in light of the facts that we’ve uncovered,” Kachroo told The New York Times.
SAC, unsurprisingly, does not agree.
“Changing counsel does not change the fact that this is a completely irresponsible filing, entirely without merit,” spokesman Jonathan Gasthalter said.
As for the reasons for the change, Kachroo said Patricia Cohen “felt her case wasn’t getting the attention it required.” Cohen’s now former lawyer, Paul Batista, said he was “surprised as I felt I gave her all the attention her case deserved.”
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…