FOR COHEN, ANOTHER BIG PURCHASE  | Steven A. Cohen has been in a harsh spotlight as he contends with an insider trading investigation into his hedge fund SAC Capital Advisors. But that hasn’t stopped the billionaire from going shopping: He reached a deal last week to pay $60 million for an oceanfront property in East Hampton, DealBook’s Peter Lattman reports. At the same time, he has put his duplex apartment on the East Side of Manhattan up for sale, seeking $115 million, Mr. Lattman reports, citing a person with direct knowledge of the matter.
The news comes after reports that Mr. Cohen purchased Picasso’s “Le Rêve†for $155 million from the casino owner Stephen A. Wynn. Mr. Cohen’s new Hamptons property, on Further Lane, has an ocean view and is down the road from a home he already owns. (It is unclear whether he is selling that first house.) The $60 million price is among the most expensive real estate sales on Long Island’s South Fork. If Mr. Cohen gets the $115 million asking price for his residence in the Bloomberg Tower, it would be the most expensive sale to date of a Manhattan apartment, Mr. Lattman notes.
On Thursday morning, a judge is set to consider the $616 million deal that SAC recently reached with the government to resolve accusations of illegal trading, though Mr. Cohen is not expected to attend the hearing. If that settlement is approved by Judge Victor Marrero of Federal District Court in Manhattan, the payment will effectively come out of Mr. Cohen’s pocket.
CYPRUS BANKS REOPEN  | Banks in Cyprus are opening on Thursday for the first time in nearly two weeks, but with strict measures limiting withdrawals. “The measures, which are supposed to be in effect for only a week but are widely expected to be extended in some form well into the future, will prohibit electronic transfer of funds from Cyprus to other countries. In addition, individuals will not be allowed to take more than 3,000 euros (about $3,860) in cash outside the country, well below the current ceiling of 10,000 euros,†The New York Times’s Liz Alderman writes. These restrictions are “more reminiscent of Latin America or Africa,†said Bob Lyddon, the managing director of IBOS, an international banking association.
Though depositors are set to lose a portion of their savings to help pay for the country’s bailout, Joe Nocera, a columnist for The New York Times, will be shedding few tears. Much of the money held in the Cypriot banking system is Russian, benefiting from lower taxes. “Corrupt officials who embezzle money have long found Cyprus to be a friendly haven,†Mr. Nocera writes. “To put it another way, the henchmen of Russia’s president, Vladimir Putin, who have gotten rich by trampling over the rule of law, are now getting a taste of their own medicine.â€
DELL SAID TO BE REIMBURSING BLACKSTONE  | Dell is picking up the tab for due diligence costs as the Blackstone Group considers making an offer for the company, according to Fortune’s Dan Primack. The private equity firm, which examined Dell’s books as part of a “go-shop†process, “repeatedly requested the concession, threatening to otherwise walk away from the table,†Mr. Primack writes, citing unidentified people close to the situation. The special committee of Dell’s board, obligated to encourage any rival bids to the $24 billion offer from Michael S. Dell and Silver Lake, “eventually favored the move, believing that it would increase the odds of getting a superior offer,†the report says.
“If you’re trying to get a higher bid for a $24 billion or $25 billion company, offering up $25 million probably doesn’t seem like too steep a cost,†one unidentified private equity executive not involved in the process told Fortune, by way of explanation.
ON THE AGENDA  | A revised estimate of gross domestic product in the fourth quarter is out at 8:30 a.m. Accenture reports earnings before the market opens. Pinnacle Foods is set to begin trading after pricing its I.P.O. at the top of its expected range. Jim O’Neill, chairman of Goldman Sachs Asset Management, is on Bloomberg TV at 7 a.m. Wilbur Ross is on Bloomberg TV at 11 a.m. John Donahoe, eBay’s chief executive, is on CNBC at 3:10 p.m.
BREUER’S RETURN TO THE PRIVATE SECTOR  | Lanny A. Breuer is going back to his old law firm, Covington & Burling, after four years leading the Justice Department’s criminal division, DealBook’s Ben Protess reports. Mr. Breuer is set to become the law firm’s vice chairman, a role created especially for him, and is expected to earn about $4 million in his first year. In addition to representing clients, he will act as an ambassador as the firm looks to grow overseas, Mr. Protess says. “There’s a strong emotional pull to the firm,†Mr. Breuer said. “It’s my professional home.â€
I.S.S. Recommends Against MetroPCS’s Planned Merger With T-Mobile  | Institutional Shareholder Services largely agreed with major shareholders who have objected to both the debt that the merger would place on the combined company and the stake that MetroPCS shareholders would own of the new entity.
DealBook »
Bankruptcy Judge Approves Airline Merger  | American Airlines and US Airways got permission to combine into the world’s biggest airline.
ASSOCIATED PRESS
Longtime Chief of Hearst to Step Down  | Frank A. Bennack Jr., who oversaw an expansion of the privately held Hearst Corporation over his 30-year tenure, announced that he is stepping down as chief executive, to be replaced by the company’s chief operating officer.
NEW YORK TIMES
H.J. Heinz Sets Shareholder Date for Deal  | H.J. Heinz on Wednesday set April 30 as the date for a shareholder vote on a proposed $23 billion takeover of the company.
DealBook »
Aeon to Increase Stake in Japanese Supermarket Chain Daiei  |Â
WALL STREET JOURNAL
Jefferies Chief Sues to Protect His View  | Richard Handler, the chief executive of Jefferies, is suing the landlord of a building near his Manhattan penthouse, trying to stop the construction of a rooftop restaurant, The New York Daily News reports. The lawsuit says Mr. Handler faces “light impingements from the project.â€
NEW YORK DAILY NEWS
Bank of America Forever  | It has not been the easiest of jobs, but Brian T. Moynihan, told Charlie Rose that he would like to be chief executive of Bank of America for the rest of his life, Bloomberg News reports.
BLOOMBERG NEWS
Hair on the Street  | One of the biggest growth areas on Wall Street It may just be on the faces of some executives. Carl Icahn has now joined Lloyd Blankfein as one of the bearded elite of finance.
DealBook »
Son of Wells Fargo Director Receives $1.4 Million  | Scott P. Quigley, whose father has been a Wells Fargo director since 1994, works as a manager in the bank’s principal investments group, Bloomberg News reports.
BLOOMBERG NEWS
Nomura Hires Former Bank of America Merrill Lynch Banker  | Nomura has hired Yasuhiro Fujiwara, a former high-ranking investment banker at Bank of America Merrill Lynch, to serve as the bank’s new head of equities for Asia excluding Japan.
DealBook »
JPMorgan Names Regional Heads for Asian Operations  |Â
REUTERS
Chesapeake’s Departing Chief Ponders His Next Move  | Aubrey K. McClendon, who is stepping down from Chesapeake Energy after scrutiny of his unusual compensation plan, is “meeting with private-equity investors and others to discuss potentially teaming up for new ventures, according to several people familiar with the discussions,†The Wall Street Journal reports.
WALL STREET JOURNAL
Buyout Firms Circle Carestream Health  | Bain Capital, the Carlyle Group and Thomas H. Lee Partners are among firms competing for Carestream Health, which could sell for as much as $3.5 billion, according to Reuters.
REUTERS
K.K.R. Said to Plan $1.5 Billion Energy Fund  | The private equity firm K.K.R. is looking to raise a fund to invest in oil and gas development, Bloomberg News reports, citing two unidentified people with knowledge of the matter.
BLOOMBERG NEWS
Hedge Funds Focused on Bonds Turn to Stocks  | The shift is “the latest sign of investor concern over the health of the long bull market in debt prices,†The Wall Street Journal writes.
WALL STREET JOURNAL
Loeb’s Strong Start to the Year  | Daniel S. Loeb, the hedge fund manager who runs Third Point, has logged a gain of 12.42 percent in one fund this year through March 13, Reuters reports, citing data from HSBC’s private bank.
REUTERS
Pinnacle Foods Prices I.P.O. at Top of Range  | The company, owned by the Blackstone Group, raised $580 million after pricing its shares at $20 apiece, for a valuation of about $2.3 billion, Reuters reports.
REUTERS
Banks Seek to Overturn Judge’s Ruling in Critical Mortgage Case  | The nation’s largest banks, facing a torrent of lawsuits over shoddy mortgage securities, are pushing to overturn a series of tough rulings in a high-stakes case filed by the Federal Housing Finance Agency in 2011.
DealBook »
A.I.G. Board Adopts Clawback Policy  | A.I.G. said its board adopted a policy last week to claw back compensation in the event of mistakes or wrongdoing, Reuters reports.
REUTERS
I.R.S. Videos Come Under Fire  | Videos based on “Gilligan’s Island†and “Star Trek†have emerged on YouTube and have drawn criticism from a senator.
DealBook »
