{"id":4781,"date":"2006-07-28T00:00:00","date_gmt":"2006-07-28T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"fairfax-sues-hedge-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/07\/2006\/fairfax-sues-hedge-funds.html","title":{"rendered":"Fairfax Sues Hedge Funds"},"content":{"rendered":"<p>  Insurance News Net &#8211; Steve Cohen&#8217;s SAC Capital is being sued again over allegations that the big hedge fund and other traders allegedly engaged in a scheme to manipulate and drive down the stock of  <strong>Fairfax Financial<\/strong>(FFH:NYSE).<\/p>\n<p>  The lawsuit by the Toronto-based insurer is similar to stock-manipulation lawsuit filed earlier this against SAC Capital by <strong>Biovail<\/strong>(BVF:NYSE), a Canadian drug company.<\/p>\n<p>  Fairfax Financial has long been a target of short-sellers, traders who profit when a stock declines. Critics contend the insurer has long boosted its earnings through the use of financial  reinsurance contracts &#8212; the kind of questionable insurance policies that landed <strong>American International Group<\/strong> (AIG:NYSE), in trouble with securities regulators.<\/p>\n<p>  Financial reinsurance, sometimes called &#8220;finite insurance,&#8221; is a type of insurance policy that can be used by an insurer to either burnish its own corporate books or help another company  accomplish the same.<\/p>\n<p>  A copy of the Fairfax lawsuit was not immediately available. But a press release announcing the filing of the lawsuit in New Jersey state court says Fairfax is seeking &#8220;$5 billion in damages from a  number of defendants who, the complaint alleges, participated in a stock market manipulation scheme involving Fairfax shares.&#8221;<\/p>\n<p>  <a href=\"http:\/\/www.insurancenewsnet.com\/article.asp?n=1&amp;lnid=411083785\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insurance News Net &#8211; Steve Cohen&#8217;s SAC Capital is being sued again over allegations that the big hedge fund and other traders allegedly engaged in a scheme to manipulate and drive down the stock of Fairfax Financial(FFH:NYSE). The lawsuit by [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4781","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4781"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4781\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}