Developer Countersues Hedge Fund Manager In Plaza Fight

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.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…