Duet Sued Over Alleged Breach Of Contract

Apr 25 2014 | 12:32pm ET

An Israeli real-estate group has accused hedge fund Duet Asset Management of breaking a deal to buy its stake in a Dutch company.

Habas Investments’ Dutch arm, Habas Tulip, sued Duet for failing to complete a €57 million deal for its 20% of Nieuwe Steen Investments. Habas said the two sides struck a binding accord in August, but that Duet failed to complete the transaction by the specified September closing date.

Habas, which is liquidating, said it was then forced to sell NSI shares at a lower price. It wants €13 billion in compensation and damages—and for Duet to pay €50 million for the rest of its NSI shares.

Duet has yet to respond to the litigation.

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