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Renowned media magnate David Geffen has filed a response to a lawsuit brought against him by crypto entrepreneur Justin Sun, calling the legal action over a valuable Alberto Giacometti sculpture a "sham." The legal dispute centers on the alleged theft of Giacometti’s Le Nez, a sculpture Sun purchased for over $78 million in 2021, which Sun claims was stolen by a former employee and sold to Geffen.

Sun sued Geffen in February, accusing the former employee, Xiong Zihan Sydney, of facilitating the sale of Le Nez to Geffen for approximately $65.5 million, a transaction that allegedly occurred under fraudulent circumstances. According to the lawsuit, Xiong exploited Sun's inexperience in the art world to sell the artwork without his consent.

In a counterclaim filed in New York federal court, Geffen has rejected Sun’s allegations, accusing Sun and Xiong of orchestrating a fraudulent lawsuit aimed at pressuring Geffen into reversing the transaction. Geffen asserts that Le Nez was not stolen and remains in his possession, and he disputes Sun’s claims that Xiong has confessed to the theft.

Geffen further challenges Sun’s version of events, pointing to inconsistencies in the lawsuit, including Sun's changing claims regarding the $10.5 million that was allegedly paid in the deal. Geffen claims that Sun and his legal team have failed to present a consistent narrative, further undermining their case.

Geffen also contends that Sun’s business practices have been unethical, citing multiple lawsuits and complaints filed by former employees accusing Sun of abusive behavior and illegal activities. According to Geffen, Sun’s pattern of misconduct extends to the current legal proceedings, which Geffen argues are part of a broader effort to pressure him into rescinding the deal.

In his legal filing, Geffen seeks to clear the title of Le Nez and holds Sun accountable for damages caused by what he describes as "misconduct." Geffen’s legal counsel, Tibor Nagy of Nagy Wolfe Appleton LLP, characterized Sun's lawsuit as a publicity stunt and asserted that "Seller's remorse is not a basis to sue."

Sun, represented by William Charron of Pryor Cashman LLP, has expressed confidence in the strength of his case, pointing to Xiong's arrest and alleged confession in China as key evidence. Charron has indicated that more compelling details will emerge as the litigation unfolds.

The case, Sun v. David Geffen et al., is ongoing in the U.S. District Court for the Southern District of New York.