SAC's Cohen case takes another twist

U.S. District Judge William Pauley has thrown a chit in the direction of Steven Cohen’s former wife, Patricia, agreeing to allow her to file an amended complaint.

Bloomberg Businessweek reports that the case against her former husband, the founder of hedge fund SAC Capital, was first filed in 2009 and described SAC as 'the product of an ongoing racketeering scheme' that engaged in insider trading, money laundering, and bank fraud.

The case was dismissed in 2011 on the basis that the former Mrs Cohen had waited too long to make her claims, but it was reinstated by an appeals court in April at the height of negative headlines swirling around Cohen and his hedge fund.

'The world is going to end some day, and my job is to make sure this case ends before that day comes', Judge Pauley said last week, displaying his trademark combination of wit and irritation. Pauley added that no further amendments to the charges would be allowed.

Steven Cohen has denied the charges, and his spokesman, Jonathan Gasthalter, has previously said: 'These decades-old allegations by Mr. Cohen’s former spouse were patently false and entirely without merit. We will continue to defend against them vigorously'.

To access the complete Bloomberg Businessweek article hit the link below

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