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]