A female executive at Steve Cohen's investment firm says it created a hostile work environment toward women

pulse

February 13, 2018 3:44 AM

Lauren Bonner, an associate director at Point72 alleges that the company pays women less money than what the suit describes as less-qualified male employees.

A current employee of Point72, the investment firm helmed by billionaire money manager Steve Cohen, is accusing the company of creating a work environment deemed hostile toward women.
The legal action, filed on behalf of associate director Lauren Bonner, comes as Cohen prepares to launch a hedge fund this year.
Among several allegations, the suit describes Point72 as a "testosterone-fueled 'boys' club,'" in which women were paid less than their male counterparts, and exposed to hostile language, The New York Times reported.

The investment firm Point72, a company run by controversial trader Steve Cohen, is facing a lawsuit filed on behalf of a current employee who is accusing the company of creating a work environment that is hostile toward women, The New York Times reported on Monday.

The suit filed by associate director Lauren Bonner describes the company as a "testosterone-fueled 'boys' club,'" and outlines a number of alleged incidents in which women were targeted by male colleagues who disparaged their abilities and talked negatively about their bodies, The Times said, citing details from the lawsuit.

Doug Haynes, president of the $11 billion investment firm, is named as a defendant. He's accused of having the word "pussy" written on a whiteboard in his office that remained visible for weeks, according to the lawsuit.

Additionally, Bonner, who earns a $300,000 base annual salary and is eligible for a $225,000 bonus, says that amount is far less than that of male counterparts who she says are less qualified and have less seniority at the firm.

Point72 denied the claims to The Times and said it would defend itself "in a more appropriate venue than the media."

The lawsuit comes as Cohen prepares to launch as a hedge fund this year, and it follows Cohen's two-year hiatus from the securities industry. He agreed to the sabbatical as part of a legal action against SAC Capital Advisors, his previous firm, which shut down in 2014 over allegations of insider trading.