Monday, 24 April 2017
Last updated 35 min ago
Sep 22 2008 | 2:53am ET
Where there is a lawsuit, there is a counterlawsuit.
The redevelopers of New York’s famed Plaza Hotel have struck back at a Russian hedge fund manager who accused them of a bait-and-switch scam. El-Ad Properties has countersued Andrei Vavilov, alleging libel and accusing him of filing a “sham lawsuit.”
Vavilov sued El Ad earlier this month, alleging that the developer had misrepresented the two penthouses he had contracted to buy for $53.5 million. In the lawsuit, Vavilov calls the pricey digs an “attic-like space.” And Vavilov is apparently not the only hedgie unhappy with his new Plaza pied-a-terre: The New York Post reports that a second hedge fund manager has also sued El-Ad, for $6.5 million.
El-Ad’s countersuit against Vavilove seeks $36 million in damages.