In a high-profile divorce case, billionaire John Overdeck is scheduled to testify on Tuesday. However, his estranged wife, Laura Overdeck, has been prohibited from taking the stand due to allegations of misconduct, including hacking into his computer and deleting evidence.
New Jersey Family Court Judge Bruce Buechler found that Laura Overdeck committed “multiple discovery abuses,” as noted in a hearing transcript. These violations involve unauthorized access to her husband’s private computer to capture email exchanges with his lawyers, breaking into his post office box, and removing evidence from her phone, according to the judge.
As a result, Laura Overdeck will not be able to testify or present expert witnesses, complicating her efforts to claim a 35% share in John Overdeck’s $80 billion hedge fund, Two Sigma, valued by her attorneys at $6.2 billion.
The judge’s findings from April revealed that Laura Overdeck took photos on her phone of emails discussing legal strategy and failed to provide the phone as required. Despite court orders, she did not submit the device for over 13 months, by which time the images were deleted, allegedly due to memory issues, according to Judge Buechler.
“Whether Ms. Overdeck did it maliciously or accidentally is not relevant,” Buechler stated. “There’s a cumulative effect here.”
The ruling also indicated that Laura Overdeck persuaded the post office to issue her an additional key to her husband’s private P.O. box to access its contents, but she has not disclosed what she took or returned it.
Buechler decided to dismiss Laura Overdeck’s divorce complaint, labeling it as the “ultimate sanction,” which significantly limits her legal options in the Newark court, where John Overdeck is expected to testify.
Her ability to cross-examine him will be critical to her case, as her “multiple discovery abuses” prevent her from presenting any affirmative evidence, testifying for her claims, or calling her valuation experts.
Nevertheless, Buechler emphasized that “the assets need to be equitably distributed,” indicating the need to divide the Overdeck fortune.
The central issue is whether Laura Overdeck can claim her husband’s stake in Two Sigma as a marital asset.
John Overdeck’s attorneys argue that the investment firm was established two years before the couple married in 2002.
During initial testimony last week, Laura Overdeck’s lawyer, Theresa Lyons, disclosed that a previous settlement offer of $633 million was rejected, according to Bloomberg.
John Overdeck’s lawyer, Jonathan Wolfe, clarified that it was actually a $723 million tax-free equitable distribution. He also contested the $6.2 billion valuation, asserting that a 35% share of the company is worth $4.9 billion.
Laura Overdeck is also pursuing legal action against the law firm managing the family’s estate planning, accusing them of secretly safeguarding her husband’s assets during their representation of her.
Her legal team is appealing Judge Buechler’s decision, and the appeal is ongoing. They declined to provide comments on Monday.
