Steven Cohen wants a five-year-old stock manipulation lawsuit filed by Canadian insurer Fairfax Financial Holdings to go away.
Earlier this month, lawyers for Cohen’s SAC Capital Advisors filed a motion for summary judgment, claiming Fairfax has failed to produce any evidence his $13 billion hedge fund conspired with other traders to crush the insurers stock. SAC Capital’s lawyers write that even though Fairfax has “received millions of pages of documents from SAC, other defendants, and third parties…not a single scrap of evidence suggests that Mr. Cohen engaged in even one of these alleged acts.”
Fairfax, in the long-running lawsuit, contends that SAC Capital conspired with other big named hedge funds to spread negative information about Fairfax to drive down the stock’s price. The insurer contends the hedge funds were shorting–or betting against–Fairfax’s stock.
But in the process of asking a New Jersey state judge to dismiss Fairfax’s claims against SAC Capital, Cohen appears willing to put some distance between himself and his hedge fund peers.
His lawyers write in the motion papers filed with the clerk’s office of the Morris County, N.J. Courthouse: