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

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note