Tepper's Appaloosa Sues CWCapital For Interest On Stuyvesant Loan

David Tepper’s Appaloosa Management LP filed a lawsuit on Thursday against CWCapital Asset Management LLC in an attempt to recover over $500 million in interest from the mortgage lender on Manhattan’s largest apartment complex. Tepper claims CWCapital isn’t computing its fees correctly and that instead it should be leaving with a far smaller paycheck along the lines of $100 million, against analysts’ estimates of over $600 million.

CWCapital’s potential windfall under fire

CWCapital Asset Management, a Fortress Investment Group-owned company, manages 11,200-unit Manhattan apartment property on behalf of bond investors. CWCapital has controlled Stuyvesant Town-Peter Cooper Village since Tishman Speyer and...