HIGH IN THE SKY: JPM honcho Jamie Dimon used the World Economic forum to apologize to investors, while SAC’s Steve Cohen (inset) got a respite from worry. (
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Hedge-fund titan Steve Cohen took a break from battling investor redemptions to hob-knob with other heavyweights at the World Economic Forum in Davos Switzerland.
But Cohen, who runs $14 billion Stamford, Conn., hedge-fund giant SAC Capital, could be facing more trouble when he gets home.
At least one class-action law firm is trying to rustle up investors to sue SAC for its ties to an alleged insider-trading scheme that led to the arrest of a former portfolio manager.
Wilmington, Del.-based Chimicles & Tikellis posted a notice on its website saying it is seeking SAC investors and limited partners and is “actively investigating a proposed investor lawsuit against SAC Capital.”
Any resulting lawsuit would be pegged to SAC’s “mismanagement of the limited partnership and certain hedge funds.”
The law firm, which recently won a $62.5 million settlement in an investor suit tied to Bank of America’s 2009 merger with Merrill Lynch, didn’t return a request for comment.
“This is nothing more than a law firm trolling for clients for a non-existent claim that if initiated would have no merit,” an SAC spokesman told The Post.
The Securities and Exchange Commission has told SAC that the agency is considering suing the hedge fund for fraud and control-person liability involving alleged insider trading.
Former SAC trader Mathew Martoma was arrested on Nov. 20 for allegedly helping SAC earn a whopping $276 million trading two pharmaceutical stocks based on illegal tips based on drug trials. Cohen has not been charged with wrongdoing.