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Wife awarded £337m divorce settlement may fight on for more (1 December 2014)

Date: 01/12/2014
Duncan Lewis, Legal News Solicitors, Wife awarded £337m divorce settlement may fight on for more

The High Court has awarded the American wife of a UK financier a £337 million divorce settlement.

BBC News reports that Jamie Cooper-Hohn, 49 – former wife of Sir Chris Hohn, 48 – had contested her ex-husband’s claims about the couple’s financial assets relating to a fund known as the Children's Investment Fund Foundation (CIFF). The couple had set up the fund to help transform the lives of poor and vulnerable children in developing countries. It is reported that as a couple they have already given away more than £1bn of the wealth that Sir Chris built up over two decades.

He is known for living a frugal lifestyle and was born the son of a car mechanic, but was educated at Harvard Univeristy, where he met his wife. It is reported that Sir Chris lives in rented houses, however, and drives a Toyota Prius car, as well as wearing an old black Swatch watch. Despite having made billions, he told the private divorce hearing that he did not care much about money and added that it did not “bring happiness”.

The CIFF fund is reported to be worth more than £700m and Mrs Cooper-Hohn had sought half, although her husband had offered one-quarter, saying that he had made a special contribution during the marriage because of his financial skills. Sir Chris made his fortune as a hedge fund manager but the couple separated after 17 years of marriage and four children, including triplets.

The couple’s legal teams were given the judge’s draft ruling in what is thought to be the largest divorce settlement in England.

Mrs Justice Roberts ruled that although the hearing had been private, the details could be published. A detailed ruling is yet to be made public, however.

Both parties attended the hearing, but neither commented as they left the court.

The Mirror reports that Mrs Cooper-Hohn may appeal the ruling to try and win a larger settlement – even though she is now wealthier than the Queen, who is worth an estimated £350m.

Lawyers for Mrs Cooper-Hohn are reported to have indicated their client may appeal the ruling, on the basis that the couple’s joint wealth was created through their partnership. The couple had homes in the UK, US and West Indies and Sir Christopher was knighted in the Queen’s Birthday Honours.

A lawyer representing Sir Chris told the High Court that his client was anxious to “move on with things” – but told the court “the wife is not”.

The private court hearing has taken two weeks – but lawyers for Mrs Cooper-Hohn say the couple’s joint assets amount to £849 million, while Sir Chris has £872m in his hedge fund.

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