News

December 8, 2016 News

Morrison Cohen Wins Appeal in Victory for Aggrieved Israeli Pensioners

December 8, 2016 – The Supreme Court, Appellate Division, First Department unanimously affirmed an earlier decision Morrison Cohen won on behalf of approximately 200 Israeli investors who collectively invested their pension savings in a New York building during 2009 and 2010.  In that decision, Justice Charles E. Ramos of the New York State Supreme Court, Commercial Division, for New York County, rendered a decision fully vindicating our client's claims for repayment of the $10.2 million in loans, together with accrued interest. The Court said in its decision:

“We perceive no basis for disturbing the court’s order directing distribution to plaintiff of the net proceeds of the sale of the property at issue. The court properly determined that plaintiff was entitled to those proceeds based upon loans it advanced related to the acquisition of the property, along with interest due on the loan.”