Tuesday, 29 July 2014
Last updated 4 hours ago
Sep 24 2013 | 9:38am ET
SAC Capital Advisors founder Steven Cohen's ex-wife will get one more—and only one more—chance to get her racketeering lawsuit against him right.
U.S. District Judge William Pauley granted Patricia Cohen's motion to file an amended complaint against her husband, this time to add an allegation against his brother and to change a paragraph dealing with jurisdiction. After that, it goes forward, Pauley said, for better of worse.
"The world is going to end someday and my job is to make sure this case ends before that day comes," Pauley said. "No further amendments will be permitted in this court."
Patricia Cohen filed the explosive lawsuit, accusing SAC of insider-trading, fraud and money laundering, in 2009. It has been dismissed and reinstated and amended twice; Cohen is on her fourth lawyer and the case its second judge: The original judge, Richard Holwell, who dismissed the claim, resigned from the bench last year.
In the lawsuit, Cohen accuses her ex-husband of hiding a $5.5 million real-estate settlement during their 1991 divorce. She is seeking $8.5 million in damages, a far cry from her original demand: a controlling stake in SAC.
The case will be back in court on Nov. 21, when lawyers for Steven Cohen and SAC will seek to have the case dismissed—again.
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…