Here's a fun fact: if you're wealthy enough -- we mean really, really rich -- your divorce proceedings can literally last forever. That's the lesson we can all take away from the unhappy tale of hedge fund behemoth Steve Cohen, who runs the enormously lucrative, highly secretive S.A.C. Capital Advisors, and his ex-wife of 26 years, Patricia.
Like this, kind of, but with way more suing and allegations of skullduggery.
The couple married in 1979 and separated in 1988, but the squabbling over money continues to this very day, buttressed by Patricia's certainty that her ex-husband and his brother, Donald, hid lots of cash from her. In 2009, Patricia sued the Cohen brothers, alleging that they were engaged in nothing less than racketeering, insider trading, money laundering, misuse of the U.S. Postal System, and various other kinds of real bad fraud, and that they owed her roughly $300 million (she later reduced that claim to $8.25 million).
Yesterday, U.S. District Court Judge William Pauley threw out Patricia's racketeering claims, but ruled that Steve must still face her allegations of fraud and "breach of fiduciary duty." In the process, he threw out some serious zingers on the nature of love, marriage, and the dangers of trying to "spice up" one's divorce with RICO claims.More »