Judge Throws Out 12-Year-Old Lawsuit Against Steve Cohen

More than seven years ago, we reported on the wide-ranging financial conspiracy involving almost every single prominent US-based hedge fund and a Canadian firm called Fairfax Financial Holdings that they schemed to short - and then crush by spreading dubious research and shoddy accounting.

Around the time that a Reuters report on recently declassified court document from 2008, which outlined details of the plot, including Cohen's alleged role.

Cohen

Now, a New Jersey judge has put an end (for now, at least) to the 12-year-long legal saga by ruling that the lawsuit didn't belong in his court. A state appeals court revived Fairfax's claims last April after they were previously dismissed in 2011 and 2012. Judges have already thrown out claims against Dan Loeb's Third Point and Jim Chanos's Kynikos Associates LP, according to the New York Post.

Billionaire Steven A. Cohen has won the dismissal of an $8 billion lawsuit accusing him and his former firm SAC Capital Advisors LP of conspiring with other hedge funds to spread false rumors about Fairfax Financial Holdings, hoping to “crush” or “kill” the insurer.

In a decision last week, New Jersey Superior Court Judge Frank DeAngelis said the nearly 12-year-old case did not belong in that state’s courts because there was no evidence SAC expected or intended to cause injury there while "conspiring to drive down the share price of a Canadian company."

According to Reuters, Fairfax said it was victimized in a coordinated raid.

Fairfax claimed it was victimized by a four-year “bear raid” by hedge funds that engineered bogus accounting claims and biased analyst research, and persuaded reporters to write negative stories about the Toronto-based insurance and investment management company.

It said the funds did this to profit from short sales, or bets its stock price would fall. Fairfax claimed that hedge fund operatives ran the bear raid from New Jersey.

Cohen, whose four-year ban from the securities industry ended in January, is also facing another lawsuit from a former female employee alleging a culture of harassment and "hostility toward  women" at Point72.

Comments

Yen Cross Wed, 04/04/2018 - 23:53 Permalink

 Who's Steve Cohen?

  </sarc>

  He's got a rather large cranium. Probably thankful for not being able to control his GE position? [during his exile/incarceration]

   Another Michael Milken circuit boy.

ldd Wed, 04/04/2018 - 23:54 Permalink

knew a ny jewish princess. when she was 16 her dad bought her a porsche and the monthly parking was about the cost of a small pad there. dad was a big shot at one of the major banks. she loved mcdee's.

Yen Cross Thu, 04/05/2018 - 00:19 Permalink

 You can do better?

 What about  Galleon Group, and Rajaratnam?

  It was probably the spelling?

  These assholes all have one thing in common! 

  They were stupid, boisterous, and relied on the intelligence of others.

Blue Steel 309 Thu, 04/05/2018 - 01:53 Permalink

Silly goyim. You cant sue a jew in the jewdicial system. Duh. They rule over us. Because they have higher IQ's and there are absolutely no reasons for anti-semitism (they get their own word for bigotry, because they are better than you). Anti-semitism is just irrational mental illness backed up by no reasons at all.

NidStyles Blue Steel 309 Thu, 04/05/2018 - 04:48 Permalink

Don’t be ridiculous.

Everyone knows they can’t compete on a level playing field, so they have to tilt it just a little bit and call it Black Ops. They will even take the time to screw your life up if you point this out. They will organize militantly and push people to assault and rape you if you don’t comply.

 

I will keep my infamy and the Jews can moved to Israel. 

In reply to by Blue Steel 309

GotAFriendInBen Thu, 04/05/2018 - 06:45 Permalink

Attorneys for Fairfax said they plan to appeal. The judge’s dismissal was on jurisdictional grounds, a Fairfax attorney noted, adding that “the New Jersey courts held that there was substantial evidence SAC participated in the RICO enterprise that attacked Fairfax.