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$8 Billion Lawsuit Against Billionaire Steven Cohen & Hedge Fund SAC Capital Advisor Dismissed

$8 Billion Lawsuit Against Billionaire Steven Cohen & Hedge Fund SAC Capital Advisor Dismissed

A $8 Billion lawsuit against Billionaire Steven A. Cohen and hedge fund SAC Capital Advisor had been dismissed by a United States court.  Steven Cohen & SAC Capital Advisor was sued for working with hedge funds to spread false rumours and to depress the share price of Fairfax Financial, a Canadian insurer & investment group.

“$8 Billion Lawsuit Against Billionaire Steven Cohen & Hedge Fund SAC Capital Advisor Dismissed”

Fairfax had claimed it was targeted by hedge funds, creating rumours by encouraging reporters to write negative stories and analysts producing biased research.  On 29th March 2018, the case against Steve A. Cohen and SAC Capital Advisor by Fairfax was dismissed.

SAC Capital Advisor was founded by Steven A. Cohen in 1992.  Since 2010, after a series of investigation by the United States Securities and Exchange Commission (SEC) for insider trading, the firm shrank and in 2016, the business entity closed down.  In 2014, Steven A. Cohen converted his investment operations of SAC Capital Advisor into his family office, Point72 Asset Management.  He is estimated to have more than $14 billion net worth.

The case is Fairfax Financial Holdings Ltd et al v. SAC Capital Management LLC et al, and filed at the Superior Court of New Jersey, Morris County, Nos. MRS-L-2032-06, MRS-L-5000-06.

Sources: Reuters, Institutional Investor

 

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About Fairfax Financial Holdings Limited

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax’s corporate objective is to achieve a high rate of return on invested capital and build long-term shareholder value. Fairfax seeks to differentiate itself by combining disciplined underwriting with the investment of its assets on a total return basis, which Fairfax believes provides above-average returns over the long-term.

Fairfax was founded in 1985 by the present Chairman and Chief Executive Officer, V. Prem Watsa. The company has been under present management since 1985 and is headquartered in Toronto, Canada. Its common shares are listed on the Toronto Stock Exchange under the symbol FFH and in U.S. dollars under the symbol FFH.U.

Visit: Fairfax Financial

 


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