Wednesday, 23 July 2014
Last updated 58 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.
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…