Wednesday, 30 July 2014
Last updated 5 hours ago
Jun 8 2010 | 11:05am ET
Steven Cohen’s ex-wife is seeking millions—or billions—from the SAC Capital Advisors founder, accusing him of hiding assets from her and the authorities during their divorce 20 years ago. And it seems that she really needs the money.
For the second time since she filed her lawsuit against the hedge fund billionaire, Patricia Cohen is seeking to switch lawyers. Her current attorney, Gaytri Kachroo, wrote in a court filing yesterday that her client told her on Saturday that she wanted new representation. Kachroo asked the court to allow her to withdraw, as well as for a 60-day stay on Patricia Cohen’s fraud and racketeering lawsuit against her former husband to allow her to find a new lawyer.
Kachroo also told the court that Cohen hasn’t been paying her, saying that her client “has been unable to meet her financial obligations.”
Kachroo Legal Services “is not in a position to continue without the financial payments plaintiff is obligated to make under her retention agreement.”
Patricia Cohen’s first lawyer, Paul Batista, also said she failed to pay him. At the time, Kachroo dismissed her predecessor’s claims. Batista is seeking a lien on any judgment Patricia Cohen might win against her ex-husband.
For his part, Steven Cohen has called his ex-wife’s lawsuit little more than an extortion attempt. 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.
Steven Cohen’s lawyers asked a judge to dismiss the case last month.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…