Shleifer could not be reached for comment.
The suit also argues that Harvard was negligent in the matter because it "owed a duty to the plaintiffs to supervise, oversee, and manage Shleifer's and Hay's operation of its Russia Program, including the Specialized Depository Project, with reasonable care" and "breached its duty of care."
Harvard officials contested the legality of this claim.
"[The suit] is baseless," said University spokesperson Joe Wrinn. "The contract was between Forum Financial and the Russian government, and there was a release signed and a payment made [when Forum sold its interest]. You can't have it both ways."
Harvard General Counsel Anne H. Taylor stressed the University's distance from the scandal.
"We never even heard of [Forum]," she said. "At the end of the day, Harvard will not be liable."
Neither Taylor nor Forum's lawyers would comment on Hay and Shleifer's liability. Taylor said Harvard has not decided whether it will file a motion to dismiss the suit.