Award in millionaire’s divorce upheld

By Dave Collins
Associated Press / February 12, 2011

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HARTFORD, Conn. — The Connecticut Supreme Court has upheld a $3.8 million judgment against the founder of AIG Financial Products Corp. who was found to have short-changed his former wife in one of the country’s largest divorce cases.

Howard Sosin, 60, a derivatives specialist who founded the company in 1987 and left in 1993, was ordered by a lower court judge in Bridgeport to pay Susan Sosin nearly $24 million in cash after their 2005 divorce trial, in addition to the nearly $20 million in real estate and personal property awarded to her. He filed for divorce in 2003 after discovering hundreds of e-mails between his wife and her lover, and she later admitted in court to having two affairs.

But when it came time to hand over the money, Howard Sosin initially paid her only about $20 million in November 2005, saying that the judge overvalued one of his bank accounts. He did pay her what he considered the remainder, $4 million, in March 2006, representing the $3.8 million plus interest, but he appealed to the state Appellate Court and Supreme Court.

In a decision released Thursday, the Supreme Court upheld an Appellate Court decision that confirmed the rulings of Superior Court Judge Howard Owens Jr., who had ordered Howard Sosin to pay his former wife the $24 million and later ordered him to pay the remainder plus interest.

Susan Sosin, 57, is pleased with the high court’s decision because it essentially ends the long-running dispute, said her lawyer, Frederic Siegel. He said the only remaining issue is the exact amount of interest Howard Sosin owes.