Well, someone is bull****ting here. It's just not clear which party.
When I was musing about whether to believe McClatchy's reporter or Michael Cohen, the answer seemed fairly clear. Michael Cohen or Sean Hannity, though? Yeesh.
My wild guess is that there's something now in the possession of the SDNY which one or both parties (or one party's more high-profile client) doesn't want disclosed. It just doesn't seem worth dragging another major (and nominally allied) public figure into the fray with no discernible upside.
One thing that I would think is obvious is that Cohen is not Sean Hannity's lawyer in any meaningful sense. Dude can afford anyone in the world, so there's no reason for him to have a shady hack who barely practiced law doing anything on his behalf...anything above-board, anyway.