2nd Circ. Nixes Lichtenstein's $25M Win In Bank Fight

Law360, New York (March 14, 2014, 5:13 PM EDT) -- The Second Circuit on Friday reversed a $25.3 million judgment against the Turkish government, which had been accused of breaching a deal to give David Lichtenstein control of New York's Park Avenue Bank, finding the prominent real estate investor had failed to timely execute a share purchase agreement.

The lower court had found that the Savings Deposit Insurance Fund of Turkey owed a Lichtenstein company, Deep Woods Holdings LLC, $16.2 million plus interest and attorneys’ fees because it had failed to give up stocks as promised...
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