Wynn Settles Suit Over Painting Cohen Coveted

Mar 26 2007 | 11:26am ET

Billionaire casino kingpin Steve Wynn has settled with his insurance company over his run in with a very expensive Pablo Picasso painting—one which he had agreed to sell to hedge fund honcho Steven Cohen.

Wynn settled the lawsuit he brought against Lloyd’s of London, which he claims neither paid him nor sent him a counter-offer. Terms of the settlement were not disclosed, and Wynn dropped his suit in Manhattan federal court.

While showing off “Le Reve” in his Las Vegas office in September, Wynn, who suffers from an eye disease that impairs his peripheral vision, put a silver-dollar-sized hole in the painting with his elbow shortly after agreeing to sell the masterpiece to Cohen for $139 million. The snafu was a costly one: Court documents say the restored painting is worth only $85 million.

There is no word on whether Cohen is still interested in a slightly-used Picasso.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    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…