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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
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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