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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.