Canadian Insurance Company Fairfax loses $8b lawsuit filed against Steven A Cohen

Team SoOLEGAL 5 Apr 2018 8:14pm

Canadian Insurance Company Fairfax loses $8b lawsuit filed against Steven A Cohen

New Jersey Superior Court Judge Frank DeAngelis dismissed $8 billion lawsuit  filed against  the billionaire Steven A. Cohen who along with  his former firm SAC Capital Advisors LP and other hedge funds were accused of conspiring  to spread false rumors about Fairfax Financial Holdings Ltd, with the objective of damaging Fairfax's reputation and hammering their share price.

The judge said in his order that there was no evidence SAC expected or intended to cause injury there while “conspiring to drive down the share price of a Canadian company.”

Fairfax  had leveled charges that over a period of four year hedge funds had engineered  “bear raid” that led to bogus accounting claims and biased analyst research, which created an atmosphere where reporters wrote negative stories about them. It further alleged it was shortening the shares to make money from it.

Last April, a New Jersey state appeals court had revived conspiracy, disparagement and other Fairfax claims that had been dismissed in 2011 and 2012 against several defendants.

But it dismissed claims against two New York hedge fund firms, Jim Chanos’ Kynikos Associates PC and Daniel Loeb’s Third Point LLC, saying it lacked jurisdiction, and rejected racketeering claims against all defendants.

Tagged: Fairfax   hedge funds   New Jersey Superior Court   Steven A Cohen  
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