Jeffrey Feil – who took over management of his family’s real estate holdings after the death of his father Louis – won a major court victory against his brother-in-law Stanley Barry, who had accused Feil of mismanaging two Upper East Side residential buildings.
Barry’s suit was a “financially senseless litigation,” New York Supreme Court Justice Shirley Kornreich declared in her decision, according to the Wall Street Journal. Barry was “pursuing a personal vendetta,” the judge wrote.
Barry, who is married to one of Feil’s sisters, sued the Feil Organization CEO in 2012, accusing him of misappropriating funds, depriving Barry and his wife of returns on investment and withholding financial records related to two New York properties in which Barry owned a 12 percent stake, the Clermont York at 445 East 80th Street and the Clermont at 444 East 82nd Street.
Feil was charged with running the organization after the death of his father Louis. His sisters, who inherited an equal ownership stake in the company, have accused him of depriving them of their rightful share of cash from the properties. The company holdings are worth an estimated $7 billion, The Real Deal reported in 2014. [WSJ] – Ariel Stulberg
Correction: A previous version of this story identified Stanley Barry as the head of Century Operating. He left that position years ago.