Cohen Says Ex-Wife’s Lawsuit Is Extortion Attempt

May 10 2010 | 12:28pm ET

SAC Capital Advisors founder Steven Cohen has asked a judge to dismiss his ex-wife’s racketeering lawsuit against him, calling it little more than a shakedown attempt.

Patricia Cohen’s lawsuit “is plainly designed to extort monies from Mr. Cohen,” his lawyers wrote in a dismissal motion, filed Friday in Manhattan federal court.

Patricia Cohen claims that her ex-husband hid marital assets from both her and the authorities during their 1991 divorce. She also alleges that he confessed to insider-trading, and is demanding a “substantial, if not controlling” stake in SAC Capital, which she says was set up in part with money she made on real-estate investments.

Even if Patricia Cohen’s claims had any merit, they do not constitute racketeering, Steven Cohen’s lawyers say. And even if they did, the statute of limitations has lapsed.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of