Suing Greenwich

The news earlier this month that SAC Capital's president was stepping down without explanation or a new job came as a surprise to many in the firm. After all, the 40-year old Brian Cohn had been right-hand man to legendary manager Steven Cohen for 11 years. And SAC managed to return 13 percent to its investors in 2007, even after its hefty fees.

But now we have a pretty good idea why. Cohn is suing the town of Greenwich, Connecticut.

The reasons are more tragic than scandalous, however.

Cohn's 6-year old son Zachary drowned in the family pool last July after getting his arm caught in a drain with an allegedly defective cover. The suction from the drain was so strong, according to the filing, that Brian and another adult were unable to free him.

The Cohns are also holding responsible the pool manufacturer, the maker of the drain, the engineer who designed the pool, and the real estate development company that contracted with the pool company.

At the heart of the case against the town of Greenwich is the claim that the city approved the pool without properly inspecting its specifications to make sure they met its code.

Cohn's lawyers at Silver Golub & Teitell filed the suit in Stamford Superior Court yesterday.

While it's unclear exactly who is to blame for Zach Cohn's tragic death, this is not a case of a rich hedge fund manager seeking more riches from a frivolous lawsuit.

The Cohns plan to contribute any recovery to a foundation they established in Zach's name, the ZAC Foundation for Children's Safety.

Moreover, the Cohns' aren't seeking much in compensatory damages from their 33-count lawsuit. The suit says the plaintiffs are seeking "in excess of $15,000," plus attorney fees, and any punitive damages the court deems necessary.

For now, it seems, Greenwich's treasure chest of property, income, and car taxes remains relatively safe. Until the rest of its pool owners get wind of it.

by Megan Barnett