NY High Court Axes Marcos Victims' Claims To $40M Account

Law360, Washington (June 27, 2012, 3:35 PM EDT) -- New York's high court ruled Tuesday that victims of Philippine dictator Ferdinand Marcos cannot seize about $40 million from a Merrill Lynch Pierce Fenner & Smith Inc. brokerage account containing some of the dictator's assets due to a competing claim by the country's government.

Osqugama Swezey, a member of the so-called Pimentel class that was awarded more than $2 billion from Marcos' estate by a Hawaii federal court, filed the turnover proceeding against Merrill Lynch in New York state court in 2009. She claimed the class...
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