NY Art Financier Hits Swiss Co. With $204M Fraud Suit

Law360, Los Angeles (January 31, 2014, 10:34 PM EST) -- A prominent New York art financier is accusing Artmentum GmbH of breach of contract and of trying to defraud his art-financing firm through a purported sales deal involving works by Renoir, Picasso and other iconic artists, according to a $204 million suit filed in New York court Friday.

Asher Edelman, an art collector and dealer who manages ArtAssure Ltd. LLC, alleges that Swiss company Artmentum tried to deprive his firm of hundreds of millions of dollars through an elaborate fraud scheme that was disguised as an...
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