Morrison Cohen LLP Scores Major Victory Vindicating Rights of Aggrieved Israeli Pensioners In Connection With Their Investment in Failed Manhattan Hotel
April 20, 2016 -- By Memorandum Decision, Justice Charles Ramos of the Commercial Division of the New York State Supreme Court, New York County has awarded in excess of $16.4 million to Morrison Cohen LLP’s client, U-Trend New York Investment LP (“U-Trend”). The decision represents a significant victory, after nearly two years of bitter and intense litigation, vindicating the rights of U-Trend, which is comprised of more than 200 Israeli investors, many of whom invested their pension monies, with regard to its investment in a building located at 440 West 41st Street, New York, New York 10036 that U-Trend later learned was being operated illegally as a daily-stay hotel and plundered by the local minority partner, Benzion Suky.
The Court’s Decision represents a complete vindication of U-Trend’s claims and a reaffirmation in the virtues of hard work, faith and perseverance, even in the face of overwhelming opposition and wrongdoing. “We are gratified that, having considered all of the evidence, the Court has begun to grant the justice that U-Trend and its pensioners deserve,” said Morrison Cohen Partner Y. David Scharf. “This decision, however, represents only the beginning. We will continue to prosecute U-Trend’s substantive claims against Mr. Suky and Aura in order to recover the millions that were looted from US Suite LLC. On behalf of U-trend, we will also explore and actively pursue other responsible parties who participated in the wrongdoing and/or harmed US Suite LLC and its stakeholders. We will continue to persevere and keep faith that, ultimately, U Trend will receive the full compensation – including not only full repayment of its loans with all accrued interest, but also recovery on its equity – to which it is lawfully entitled.” Click here to read Press Release.