Lichtenstein Wins $16M In Bank Dispute With Turkey

Law360, New York (March 4, 2011, 10:19 PM EST) -- David Lichtenstein on Friday won a $16.2 million judgment against the Turkish government, which allegedly breached a deal to give the prominent real estate investor control of New York's Park Avenue Bank.

Judge Alvin K. Hellerstein of the U.S. District Court for the Southern District of New York ruled that the Savings Deposit Insurance Fund of Turkey cost a Lichtenstein company, Deep Woods Holdings LLC, $16.2 million when it failed to give up stocks as it promised.

The amount matches what Deep Woods' attorneys demanded....
To view the full article, register now.