Tuesday, 22 July 2014
Last updated 1 hour ago
Apr 24 2013 | 11:18am ET
SAC Capital Advisors founder Steven Cohen's ex-wife is on the lookout for a new lawyer after a federal appeals court reinstated her explosive racketeering lawsuit against him.
Patricia Cohen has held talks with trial lawyers about joining the case, in which she alleges that Cohen hid $5.5 million from a real-estate settlement during their 1991 divorce. Should she hire one, it would be her fourth lawyer to handle the lawsuit since she brought it in 2009.
Her current lawyer, Howard Foster, has been given the option to remain on the case, the New York Post reports. It is unclear whether Foster, a specialist in racketeering law, will do so if another lawyer is hired.
Patricia Cohen is "evaluating how to go forward," the Post reports, after the U.S. Second Circuit Court of Appeals earlier this month reinstated her suit, which had been dismissed in 2011.
Patricia Cohen is seeking $8.5 million in damages, alleging violations of the Racketeer Influenced and Corrupt Organizations Act, which allows for triple damages, common-law fraud and breach of fiduciary duty. SAC has called the claims "patently false and entirely without merit."
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…