Point72 Asset Management. ()
Two insurance companies representing former hedge fund giant Steven A. Cohen have filed a lawsuit against a company whose workers caused a fire that destroyed an unknown amount of his art collection.
The November 2015 fire at the Stamford headquarters of Cohen’s Point72 Asset Management Co. was confined to the roof but there was some water damage in the building, primarily to the pantry area on the second floor. What was not reported or known at the time was that art owned by Cohen was inside the building and damaged in the blaze, according to the lawsuit filed Wednesday.
The 60-year-old Cohen began collecting art in 2000. In 2005, he made Forbes Magazine’s “Top Billionaire Art Collectors” list. Bloomberg estimated his art collection in 2015 was worth about $1 billion. According to Bloomberg and other sources, Cohen owns or has owned artwork by Jeff Koons, Pablo Picasso, Andy Warhol and Willem de Kooning, among others.
Just one sentence in the lawsuit states that Cohen and his wife Alexandra had “fine art displayed” in the building at the time of the fire. There is no mention of how much of Cohen’s collection was displayed in the building nor what the monetary damage to the artwork was.
The lawsuit, which was filed in U.S. District Court in Hartford, seeks at least $75,000 in damages.
Cohen’s attorney, Andrew G. Buchetto of the Hamden-based Mulvey Oliver Gould & Crotta, was not available for comment.
According to the lawsuit filed Wednesday in Hartford, Great Northern Insurance Co. and Chubb Custom Insurance Co., which are both located in the same building in White House Station, New Jersey, claim that workers from the Garden City Park, New York-based Infinity Mechanical Inc. caused the blaze.
The lawsuit maintains that welding and or grinding work ignited combustible material on the roof.
The lawsuit states the Nov. 2, 2015, fire and resulting damage were caused by the “negligence, carelessness, recklessness …” of the workers on site at the time. Two of the workers were taken to the hospital with nonlife threatening injuries as a result of the fire. No Point72 employees were injured.
The suit states that Infinity Mechanical failed “to properly train its employees in the use of welding and/or grinding equipment;” “failed to use adequate fire protection;” and used an electrical grinder in a way that exposed the building to “unreasonable risk of damage by fire.”
The suit also states that each insurance company—per the policy—has made payments to Cohen “in excess” of $75,000 to repair and replace the destroyed property.
Point72 is the successor to SAC Capital, which pleaded guilty to inside trading four years ago
Infinity Mechanical had not assigned an attorney to the case as of Friday. No one from the company could be reached for comment Friday.
*This article corrects that SAC Capital pleaded guilty to insider trading.