Canadian Insurer Can’t Sue Defunct Connecticut Hedge Fund In New Jersey After All

It took only a dozen years to resolve the matter of Fairfax v. SAC Capital Advisors.
Maybe this'll come out of archives? Getty Images

Not in New Jersey. Getty Images

Fairfax Financial Holdings has been suing Steve Cohen for almost as long as his ex-wife. The Canadian insurer’s been suing Steve Cohen long enough to take credit for Patricia Cohen’s renewed effort to give the father of her children the John Gotti treatment. And like that effort, it’s had its ups and downs. Specifically, it’s gotten the SEC on Steve’s case and also insulted him to his face and made his lawyer super-angry, and—like Patty—has endured its fair share of dismissals. But like the case of Cohen v. Cohen, it keeps coming back, revived last year by a New Jersey appeals court long after the hedge fund (well, one of the hedge funds) Fairfax was suing had ceased to be.

Unlike Patty Cohen’s quixotic crusade, however, Fairfax’s may finally be at an end.

The billionaire hedge fund manager and his former fund, SAC Capital, were cleared in a long-running legal saga over Fairfax Financial Holdings when a New Jersey state court found it did not have jurisdiction over the dispute….

“Because plaintiffs have not pointed to any continuous and systematic contacts between the SAC defendants and New Jersey making the SAC defendants at home in New Jersey and have not demonstrated knowledge on behalf of the SAC defendants that their alleged conspiracy would cause injury in New Jersey, the court finds no basis for personal jurisdiction in this forum,” the court ruled.

Steve Cohen’s SAC Capital cleared in Fairfax Financial case [FT]


UK Hedge Fund Manager's Chickens To Maintain The Lifestyle They've Grown Accustomed To In 2013

What motivates a hedge fund manager to continue busting his ass to churn out profits year after year, once he's already amassed a fortune most people can't even fathom, when he could easily pack it all in and live more than comfortably without ever working another day? For some, it's the thrill. For others, it's the trophy's wife's shoe habit. For Crispin Odey, it's the chickens. The Odey Asset Management founder (and sausage brand ambassador)'s got a mess of high-maintenance ones and earlier this year, had architects draft blueprints of a "Palladian-style" mansion he intended to build them (seen at left), replete with a grey zinc roof, "pediments, cornice, architrave, and frieze in English oak," and columns "hewn from the finest grey Forest of Dean standstone." After finishing 2011 down 20.3%, things were no doubt more than a little tense over in Herefordshire, where questions of whether or not construction would have to be halted, or if they'd have to make the switch to [whispers] generic-brand feed. Certainly a moment of panic swept over Odey each day when he returned home, wondering as he turned the knob if he'd be entering an empty house, the chickens gone and a note explaining they couldn't do this anymore on the fridge. Ran off with the general contractor because what was the point of shacking up with a money manger if the money wasn't there? Luckily for all parties involved, it won't have to come to that; according to Bloomberg Markets' annual ranking of the top performing hedge funds, performing under pressure is one of Odey's specialities.