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Court Upholds Leviev Win Against Julius Klein
Mar 5, 2017 10:24 AM
By Rapaport News
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RAPAPORT...  A New York federal judge has ruled in favor of diamond
magnate Lev Leviev (pictured) in a long-running dispute with one of his former business
partners, the Julius Klein Group.
The judge ordered the Julius Klein Group and four of its
principals to pay $142 million to LGC USA Holdings, an affiliate of the Leviev
Group of Companies, according to a recent statement by Leviev’s firm. This is in
addition to more than $66 million that has already been paid – amounting to a
total award of $209 million, the statement said.
The judge upheld an arbitration ruling from last year
following a disagreement between the companies over how to disentangle their
assets at the conclusion of a joint venture. Julius Klein had disputed that
outcome, alleging that the arbitrators were not impartial, U.S. District Judge Jesse
Furman said in a filing last week.
“The Leviev Group will take all steps available,
including seizing corporate and individual assets, to collect this
judgment after the lengthy legal procedures now have resulted in this
final ruling,” the Leviev Group’s lawyer Charles Michael said.
Julius Klein’s attorney Alan Levine said the company planned
to appeal Furman’s ruling.
Image: Avner Levayev
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Tags:
Alan Levine, Charles Michael, Jesse Furman, Julius klein, Julius Klein Group, Lev Leviev, Leviev, Leviev Group of Companies, LGC USA Holdings, Rapaport News
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