{"id":3645,"date":"2018-04-04T11:58:31","date_gmt":"2018-04-04T15:58:31","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?guid=4d3ddbb628670d95bafcabebd776256b"},"modified":"2018-04-04T11:58:31","modified_gmt":"2018-04-04T15:58:31","slug":"steven-cohen-wins-dismissal-of-8-billion-fairfax-short-selling-lawsuit","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/04\/04\/steven-cohen-wins-dismissal-of-8-billion-fairfax-short-selling-lawsuit\/","title":{"rendered":"Steven Cohen wins dismissal of $8 billion Fairfax short-selling lawsuit"},"content":{"rendered":"<p>The billionaire Steven A. Cohen has won the dismissal of an US$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 Ltd, hoping to &#8220;crush&#8221; or &#8220;kill&#8221; the insurer.<\/p>\n<p>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&#8217;s courts because there was no evidence SAC expected or intended to cause injury there while &#8220;conspiring to drive down the share price of a Canadian company.&#8221;<\/p>\n<p>Fairfax claimed it was victimized by a four-year &#8220;bear raid&#8221; 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.<\/p>\n<ul class=\"related_links\">\n<li><a href=\"http:\/\/business.financialpost.com\/investing\/steven-cohen-sac-must-again-face-fairfax-short-selling-lawsuit\">Steven Cohen, SAC must again face Fairfax short-selling lawsuit<\/a><\/li>\n<li><a href=\"http:\/\/business.financialpost.com\/news\/fp-street\/sac-capital-to-plead-guilty-in-insider-trading-case-pay-us1-8-billion\">SAC Capital to plead guilty in insider trading case, pay US$1.8-billion<\/a><\/li>\n<\/ul>\n<p>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.<\/p>\n<p>Neither Fairfax nor its lawyers were immediately available for comment on Tuesday about the decision, which is dated March 29. A spokesman for Cohen and his current firm, Point72 Asset Management LP, had no immediate comment.<\/p>\n<p>Last April, a New Jersey state appeals court had revived conspiracy, disparagement and other Fairfax claims that had been dismissed in 2011 and 2012 against several defendants.<\/p>\n<p>But it dismissed claims against two New York hedge fund firms, Jim Chanos&#8217; Kynikos Associates PC and Daniel Loeb&#8217;s Third Point LLC, saying it lacked jurisdiction, and rejected racketeering claims against all defendants.<\/p>\n<p>Point72 is based in Stamford, Connecticut. It was freed three months ago to handle outside money following a two-year ban by the U.S. Securities and Exchange Commission, which said Cohen failed to supervise a portfolio manager who conducted insider trading at SAC.<\/p>\n<p>The case is Fairfax Financial Holdings Ltd et al v. SAC Capital Management LLC et al, Superior Court of New Jersey, Morris County, Nos. MRS-L-2032-06, MRS-L-5000-06.<\/p>\n<p><em>\u00a9 Thomson Reuters 2018<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cohen has won the dismissal of an US$8 billion lawsuit accusing him and his former firm SAC Capital Advisors of conspiring to spread false rumors about Fairfax<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/3645"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=3645"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/3645\/revisions"}],"predecessor-version":[{"id":3646,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/3645\/revisions\/3646"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=3645"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=3645"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=3645"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}