Adam Grunfeld Seeks Dismissal of $11 Million Schonfeld Suit Over Alleged Coercion
Updated
Updated · Bloomberg · Jun 8
Adam Grunfeld Seeks Dismissal of $11 Million Schonfeld Suit Over Alleged Coercion
1 articles · Updated · Bloomberg · Jun 8
Summary
A New York court filing on Friday asked a judge to throw out Schonfeld Strategic Advisors’ lawsuit against Millennium portfolio manager Adam Grunfeld, escalating a fight over his planned move between rival hedge funds.
Grunfeld said Schonfeld is misusing an $11 million clawback provision in a “transparent and illegal attempt to coerce” him to join, arguing the sum was a signing bonus he never actually received.
Schonfeld sued in April, claiming Grunfeld reneged on a March agreement to leave Millennium and had agreed to pay $11 million if he backed out.
The dispute turns a recruitment battle between two hedge fund firms into a contract fight over whether the payment was an enforceable penalty or an unpaid bonus.