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.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…