Trials & Litigation

Lawyer for Hedge Fund Manager Objects to 'Obnoxious, Deliberate Use' of Nickname in Depo

The lawyer for hedge fund manger Steven Cohen wasn’t about to let opposing counsel use a nickname when addressing his client in a deposition earlier this year.

The deposition, obtained by Reuters, was part of a civil suit filed by a Canadian insurer that claims Cohen’s fund, SAC Capital, engaged in a short trading conspiracy with other traders by spreading negative stories about Fairfax, report Reuters and the Financial Post. SAC Capital has since been dismissed from the lawsuit.

Cohen was represented by Martin Klotz, while the insurer, Fairfax Financial, was represented by Michael Bowe. A separate Reuters story and the Financial Post have a transcript of the exchange:

BOWE: Okay. So the compliance manual—you have authority, Stevey Cohen, to ignore the compliance manual?

KLOTZ: Object to the form. And I particularly object to the obnoxious, deliberate use of “Stevey” in addressing Mr. Cohen.

BOWE: It wasn’t deliberate. It was a mistake.

KLOTZ: No, it was intentional.

BOWE: Knock it off. How do you know?

KLOTZ: Because I know.

BOWE: I know you’re trying to be a tough guy in front of your client, but why don’t you knock it off? I know you’re trying to be tough—defend your big client. I understand that. This was a mistake. I’m sorry I used the word “Stevey” if I offended you.

COHEN: I’m not a big client.

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