One in every of actual property’s greatest and most bitter household feuds has come to an finish.
5 months after a courtroom ruling in favor of Alex Sapir, son of the late actual property magnate Tamir Sapir, the scion and Rotem Rosen — the patriarch’s former son-in-law — settled their authorized disputes.
Rosen had alleged he was owed $103 million from Tamir Sapir’s property for his work as CEO of the household’s actual property empire through the monetary disaster. He additionally claimed he was not paid for sure offers, together with the sale of 11 Madison Avenue to SL Inexperienced Realty for $2.6 billion in 2015.
On June 7, following oral arguments, Surrogate Courtroom Choose Rita Mella dismissed Rosen’s declare in its entirety. On Nov. 22, Sapir and Rosen formally resolved their a number of authorized fights. Phrases weren’t disclosed, however the choose’s ruling gave Sapir the clear higher hand in negotiations.
“We by no means wavered in our perception that Rosen’s $103 million go well with was meritless and could be dismissed in full,” Sapir’s lawyer, Terrence Oved, stated in a press release. “We’re happy that the courtroom noticed issues our method.”
Rosen’s attorneys stated in a press release that “the events amicably resolved all their disputes on confidential phrases.”
The 2 males and their attorneys have been waging struggle for years.
Sapir, as CEO of the Sapir Group, initiated a $100 million go well with towards Rosen, alleging that Rosen and his brother stole tens of hundreds of thousands of {dollars} and proprietary info from the corporate. The case, which was dismissed final month however may have been refiled by Sapir, was discontinued as a part of this month’s settlement.
Rosen additionally sued Sapir, claiming that Sapir defaulted on a $60 million promissory be aware linked to Rosen’s 2017 buyout. The case marked the start of the top of their relationship.