NY court restores lawsuit against billionaire

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Associated Press

Posted on April 3, 2013 at 12:00 PM

Updated Wednesday, Apr 3 at 12:02 PM

NEW YORK (AP) — A New York federal appeals court has reinstated a lawsuit in which the ex-wife of billionaire hedge fund founder Steven A. Cohen accuses him of insider trading.

Patricia Cohen had claimed in the lawsuit that the founder of SAC Capital Advisors had consistently and systematically defrauded her through repeated acts of mail and wire fraud. The couple separated in 1988 after nearly a decade of marriage.

The appeals court says a lower court did not use valid reasons to justify tossing out Cohen's lawsuit.

A spokesman for Steven Cohen notes the ruling didn't address the lawsuit's merits. He calls the ex-wife's allegations "patently false and entirely without merit."

An attorney for Patricia Cohen says his client is eager to resume the case.

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