Hedge fund titan Steve Cohen’ ex- wife won reinsatement of a lawsuit in which she seeks $8.25 million in damages based on claims the hedge fund is “the product of an ongoing racketeering scheme” that engaged in insider trading.
Hedge fund ex-wife Patricia Cohen is s one persistent woman – she’s been suing Steve Cohen for years now. Read about her last year lawsuit.
The suit, dismissed a year ago, seeks $8.25 million in total — half the loot allegedly hidden tripled, for damages under civil racketeering laws — and includes explosive charges of money laundering and insider trading.
Her July 2010 amended complaint was dismissed in 2011 for being filed after legal deadlines. A federal appeals court in Manhattan today ruled her lawsuit was filed in a timely manner, and that she validly stated claims her husband violated the Racketeer Influenced and Corrupt Organizations Act, as well as common law fraud and breach of fiduciary duty. A fourth claim was found to have been properly dismissed.
Steve Cohen, whose $15 billion hedge fund is at the center of federal insider trading investigation, allegedly hid $5.5 million from his ex-wife during their 1990 divorce, her lawyer argued at an appeals court hearing in February 2012. Cohen’s wife seeks half that amount as part of her divorce settlement and asks that the sum be tripled as the RICO statute permits.
Find out hedge fund titan Steve Cohen’s Net Worth.