NY High Court Overturns $99M Judgment In Merrill Docs Case

Law360, New York (October 10, 2013, 1:25 PM EDT) -- A New York City trial judge went too far when he imposed a $99 million default judgment against a Brazilian banking family over its failures to provide discovery materials in Merrill Lynch & Co. Inc.'s suit over debts allegedly owed when risky trades went badly awry, the state's top court said Thursday.

The penalty imposed in 2010 by Manhattan Judge Ira Gammerman against banker Ezequiel Nasser and his kin Raymond, Albert and Scarlett Nasser individually, was not commensurate with the alleged disobedience — a failure to...
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