Wednesday, 23 July 2014
Last updated 1 hour ago
Apr 14 2011 | 1:32am ET
A litigious former Och-Ziff Capital Management hedge fund manager is back in court in Singapore. But this time, instead of suing his former employer, he’s suing his old real-estate lawyer.
According to Zain Fancy, law firm Tan Peng Chin and its real-estate hedge Gwendoline Ong failed to tell him that he had to pay the seller of a S$18.5 million bungalow in the city-state a deposit directly, causing the deal to collapse. Fancy is seeking damages and the S$10 million difference in value between what he agreed to pay for the house and its current valuation.
Fancy sued after Tan Peng Chin itself sued him to cap its liability, Bloomberg News reports. Fancy called that move “frivolous and vexatious.”
“It’s clearly unfair for me to be made a defendant in such legal proceedings as this could adversely impact my reputation and standing,” Fancy complained in his court filing.
Last month, Fancy sued Och-Ziff, both in Singapore and London, for wrongful termination. Och-Ziff said it fired Fancy two years after hiring him from Morgan Stanley because Fancy failed to disclose pending criminal and regulatory investigations of himself and his unit at the investment bank. Fancy claims that Och-Ziff still owes him US$8 million.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…