The drama never ends in the Steven and Patricia Cohen divorce saga.
Steve Cohen, one of the richest hedge fund managers and the founder of Point72, (formerly SAC Capital) is trying to get a hold of his ex-wife’s 57 email exchanges from 2006 and 2007, according to Bloomberg’s Patricia Hurtado.
The billionaire claims that the email exchanges will “help him defend a fraud suit she filed against him,” according to the report.
The emails in question were exchanged between Patricia Cohen and attorney Michael Bowe in 2006-2007.
Bowe previously sued Steve Cohen twice when he was representing both Biovail Corp. and Fairfax Financial Holdings Ltd., also back in 2006. In the suits, Steve Cohen and SAC Capital were accused of insider trading.
Although the suits were eventually dismissed, SAC Capital ended its investment advisory business after pleading guilty to insider trading last year. It later changed its name to Point72 Asset Management LP.
So what does Patricia Cohen have anything to do with all of this?
Although the pair officially divorced in 1990, the fighting never stopped.
In 2009, she sued Steve Cohen claiming that he concealed assets worth upwards of $US5.5 million during their divorce in order to cheat her out of money in the settlement.
Some of those assets, she claimed, were “reaped through insider trading.“
Her 2006-2007 emails with Michael Bowe (who represented firms that accused Steve Cohen of insider trading), therefore, look suspicious.
Originally, Patricia’s 2009’s lawsuit was dismissed by a federal judge because she waited too long to file the case. She argued that she hadn’t learned about the issue at hand until 2006, and the case was reinstated by an appeal court.
Again, that’s around the time that she exchanges these emails with Bowe.
In the past, Patricia Cohen refused to give up her emails with Bowe. She claims that “they’re covered by the attorney-client privilege because she was discussing hiring him as her lawyer,” according to Bloomberg.
But Steve Cohen’s lawyer doesn’t agree. He argues that because Michael Bowe never actually represented Patricia Cohen, then the attorney-client privilege does not, in fact, apply to them.
And Steve Cohen wants these emails to help win the “fraud suit she filed against him” in 2009. He says that the emails will “help prove that Patricia Cohen waited too long to file her lawsuit,” according to the report.
Perhaps, Steve Cohen is hoping that that will be enough close the case once again.
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