Tuesday, 21 October 2014
Last updated 51 min ago
Apr 7 2010 | 12:24pm ET
Steven Cohen’s ex-wife is upping the ante in her battle with the SAC Capital Advisors founder, demanding a big chunk of the hedge fund in a new lawsuit against him.
In fact, Patricia Cohen may have even greater ambitions: taking the SA out of SAC.
In a new lawsuit against her former husband, Cohen is seeking a “substantial, if not controlling, interest in SAC Capital and various related SAC entities, now valued at over $12 billion.” Patricia Cohen says she is entitled to the SAC stake because Steven Cohen hid millions in assets from her and the authorities during their divorce 20 years ago.
The new lawsuit was filed by Cohen’s new lawyer, Gaytri Kachroo, who replaced Paul Batista in January. Batista, who withdrew her original racketeering lawsuit after he was dismissed from the case, last week sued Patricia Cohen and Kachroo, alleging he is owed legal fees.
SAC spokesman Jonathan Gasthalter called the new lawsuit “ridiculous” and “a blatant extortion attempt.”
The new lawsuit, filed in Manhattan federal court, alleges that Steven Cohen founded SAC in 1992—two years after his divorce was finalized—with the money he hid from his ex-wife as well as with $10 million in profits earned trading on insider information about General Electric’s takeover of RCA in 1985.
What’s more, Patricia Cohen added her former brother-in-law Donald and officials of Gruntal & Co., the investment bank where Steven Cohen worked during the marriage, to the complaint.
“Steve has successfully hidden his deceit and misconduct from Patricia, with active participation and schemes by his brother” and the other defendants, the new complaint alleges.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...