Tuesday, 31 May 2016
Last updated 3 days ago
Jun 6 2014 | 9:25am ET
If the Securities and Exchange Commission’s lawsuit against SAC Capital Advisors founder Steven Cohen ever goes to trial, the regulator will be up against one of the great courtroom advocates in recent memory.
Prominent trial lawyer David Boies was retained by Cohen last year to join the legal team helping him fight allegations that he failed to supervise employees since convicted of insider-trading. The SEC is seeking to bar Cohen from managing outside capital.
Cohen is not currently doings so: As part of a plea agreement with prosecutors, SAC agreed to return investor money and become a family office, now called Point72 Asset Management. But Cohen is said to want to return to managing client money again one day.
Cohen’s hiring of Boies was first reported by Fox Business Network.
Boies is perhaps best known for being the lead lawyer on the losing side of the legal battle surrounding the 2000 presidential election, in which he represented Vice President Al Gore. He also represented the U.S. Justice Department in its antitrust case against Microsoft Corp. in 1998 and successfully challenged California’s same-sex marriage ban last year.
The SEC’s case against Cohen is currently on hold at prosecutors’ request, pending an appellate court ruling on an unrelated insider-trading case that could impact at least one of the convicted traders who Cohen allegedly failed to supervise.