Ex-wife Back in Court Again Suing Steve Cohen Again- Maybe Better Luck This Year

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Ex-wife Back in Court Again Suing Steve Cohen Again- Maybe Better Luck This Year

A Year after hedge-fund titan Steve Cohen appeared won ex-wife’s nasty lawsuit, but no- she’s back in court giving it another try. Patricia Cohen appeared before a federal appeals court, arguing for a second shot to prove the billionaire titan hid $5.5 million from her during their divorce 22 years ago.

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.

Patricia Cohen is trying to revive her suit against ex-husband Steve Cohen  the billionaire hedge-funder. She claims he hid $5.5M from her in their 1990 divorce. A judge yesterday seemed to convey a sympathetic view toward the plaintiff.

Patricia Cohen

“It really is a very simple claim,” Judge Pierre Leval said in response to [Steve] Cohen’s lawyer Martin Klotz’s claim that the allegations lacked “plausibility.”

“If the complaint is saying he [Cohen] got $5.5 million bucks and didn’t report it [in the divorce] . . . that seems to me to be a sufficiently clear statement,” Leval said.

Patricia, who divorced the Greenwich, Conn., billionaire after 10 years of marriage, claimed her ex — knowing the marriage is ending — hid some $5.5 million in cash he received in 1987 as part of a real-estate deal turned sour.

During the divorce proceedings, Cohen, the founder of the $14 billion SAC Capital Management, led Patricia to believe the real estate, worth some $9 million, was worthless, she said in a second amended version of the complaint in 2010.

Patricia, who sat next to her lawyer during the hearing, also claims Cohen hid from her “a secret, unnamed company” that “held the profits” for SAC during their divorce.

A spokesman for Cohen and SAC declined to comment, but Klotz dismissed the allegations as “baloney.”

“I don’t accept for a minute that he got $5.5 million,” Klotz told the judges.

After the hearing, Patricia, accompanied by her lawyer, Howard Foster, told reporters she felt the judges “really understood” the issues, and Foster said he is “cautiously optimistic there will be a reversal.”

Both of them looked pleased with the outcome and on their way out of the courthouse, Foster could be heard telling Patricia, “I hope you sleep better tonight.”

 

This mega-mansion sits on 14 acres and has 9 bedrooms and 16 bathrooms. There is also an indoor swimming pool, a putting green, ice skating rink with its own zamboni, a home theater and, get this, 12 refrigerators.

 

Read more: http://www.nypost.com/p/news/business/judge_what_she_said_ZfOLrxJytFy3wiWM3rTpjP#ixzz1nxI0G3Qx

2012-03-02T11:11:53+00:00

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