Saturday, 28 May 2016
Last updated 10 hours ago
Jul 30 2010 | 1:30pm ET
The ex-wife of hedge fund titan Steven Cohen has lowered her asking price in her controversial racketeering lawsuit against the SAC Capital Advisors founder.
Patricia Cohen has again moved to amend her lawsuit against her ex-husband. But where she previously sought at least $100 million and “a substantial, if not controlling,” stake in SAC, she is now asking for a positively modest $8.25 million.
The new figure was arrived at by claiming that a $9 million investment Patricia Cohen claims her then-husband said was a total loss was actually worth $5 million. The amended lawsuit asks for the $2.75 million that Patricia Cohen says she would have been entitled to in the couple’s 1991 divorce, trebled to help her pay her legal fees.
That is no small matter: Patricia Cohen has seen one former lawyer sue her for unpaid legal fees, and her next quit last month over the same issue.
She does not, however, back down on the explosive allegations at the center of her lawsuit, which accuses Steven Cohen of insider-trading and perjury. Patricia Cohen is also suing Cohen’s brother, Donald, and former business partner Brett Lurie. But she has dropped SAC itself as a defendant.