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.


In Depth

GSAM’s Papagiannis on Liquid Alternatives

May 25 2016 | 5:07pm ET

The popularity of liquid alternatives strategies has blossomed in recent years,...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...