A judge said that a prominent New York real estate lawyer can’t recover money he paid in a divorce agreement based on the belief that the ex-couple had millions invested with Bernard Madoff.
Steven Simkin said he gave Laura Blank $6.6 million as her share of marital assets in July 2006 after more than 30 years of marriage. The figure included $2.7 million, half the value of the Madoff account that Simkin then kept.
But in reality the account with Bernard L. Madoff Investment Securities was empty.
A Manhattan Supreme Court justice ruled that Blank didn’t have to “shoulder her share” of the Madoff losses and threw out the case.
Simkin is a partner at Paul, Weiss, Rifkind, Wharton & Garrison, a well-known law firm where he heads the real estate department.
(Source: WCBSTV)
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3 Responses
the ruling makes no sense
nope it doesn’t but it’s not surprising
It all depends upon the wording of the agreement.