Judge orders warring hedge fund couple to stop fighting as they will never be poor

Date: Monday, July 19, 2010
Author: Laura Roberts, Telegraph

Beatrice Sareen, 54, has already been awarded more than £40 million following her divorce from Vipin Sareen, a hedge fund manager.

She returned to the Court of Appeal in a bid to get a further £10million, which her former husband contested.

However, Lord Justice Thorpe yesterday urged the couple to put a stop to the proceedings. He said: "It is high time that this litigation comes to an end and the parties free themselves of the burden of it.

"There is one certainty, and that is there is no danger of them ever having financial want or need."

The court head that the fortune at stake "exceeds £100 million".

Mr and Mrs Sareen met as students at City University Business School and Mr Sareen went on to become a founding partner of statistical arbitrage firm IVC, which has offices in London and New York, during their 20-year marriage. Mrs Sareen, a housewife, gave up working in 1990 and looked after the couple's three children.

She was offered £34m by her husband when their marriage ended in 2008.

This was later increased by £7.5million in March this year by High Court judge, Mr Justice Munby.

Mrs Sareen's application to appeal for a further £10.2 million was refused yesterday by Lord Justice Thorpe, sitting at the Civil Appeal Court with Sir Scott Baker.

Mr Sareen, 52, is a British citizen domiciled in India while his wife is a German national.

Refusing her permission to appeal, Lord Justice Thorpe said Mr Sareen's £34 million offer to his wife came on March 20, 2008 "towards the end of the financial year".

He added: "He hoped that the wife would accept this agreement in full satisfaction of her claim."

However, following much legal "skirmishing" Mr Justice Munby awarded an extra £7.5 million to Mrs Sareen.

Her barrister, Charles Howard QC, argued yesterday that initial award of £34 million was based on the value of the family fortune around the time of the March 2008 offer. He claimed that Mr Sareen's wealth had increased in that time, which was "unfair" on his former wife.

Lord Justice Thorpe said: "I am unconvinced that anything Mr Howard said justifies my referring this case to the full court.

"Mr Justice Munby's conclusion was in my view impeccable given the immense family fortune."

Earlier this week Lord Justice Thorpe criticised foreigners who manipulate the British courts and take up judges' time with lucrative divorce cases. He spoke during the High Court divorce hearing between Ilya Golubovich, 24, a Russian tycoon, and his wife Elena, 26. The couple, who have one child, have already spent £2.25 million in legal costs in court battles in London and Moscow.