Billionaire Steve Cohen’s hedge fund sued for ‘structural sexism’

February 14th, 20188:14 am @

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A US lawsuit has accused billionaire Steve Cohen’s hedge fund firm of ‘structural sexism’ the Telegraph has reported.

Cohen’s Point72 Asset Management, the $11 billion (£8 billion) family office, allegedly mistreated female staff by excluding women from meetings and paying them less.

The company, which has an office in London’s St James’ Square, said that it ‘emphatically’ denies the allegations.

The complaint against Point72, which replaced Cohen’s former Sac Capital in 2014 was brought by director Lauren Bonner. Sac Capital converted its operations to Point72 after it was charged with securities fraud and agreed to pay $1.8 billion as settlement.

Bonner is represented by law firm Wigdor which said that she is exposing structural sexism at the company which has ‘reduced female employees to second-class citizens’.

A Point72 spokesman said: ‘We stand by our record of hiring and developing women. In an industry where women are historically underrepresented, the hundreds of women at Point72 are vital members of every part of our organization.

‘Our female investment professional workforce exceeds published industry averages – a direct result of our concerted and sustained focus on promoting diversity.’

 


Article source: http://citywire.co.uk/wealth-manager/news/billionaire-steve-cohens-hedge-fund-sued-for-structural-sexism/a1092062