Jewelry tycoon Lev Leviev won more than $100 million from an arbitration panel in a corporate split against his former business partner that could send shockwaves through Manhattan’s Diamond District.
Lawyers for Leviev’s nemesis, the Julius Klein Group, desperately tried, and failed, to seal the Manhattan federal court case related to the whopping award.
“This is not a million-dollar award for trading, for trading transactions.
This is an award that will attract the attention of the business public and will impair their ability to do business going forwards,” said Klein family attorney Alan Levine in court papers.
Judge Andrew L. Carter Jr. agreed only to redact the amount of the award, which industry sources said is “well north of $100 million.”
Leviev, whose diamond empire LGC USA Holdings is based on Fifth Avenue, won the payout in June in a proceeding in Israel.
The Kleins are contesting the award claiming it was by a corrupt arbitrator who was convicted of tax evasion during the proceeding.
Levine declined to comment, as did Leviev’s attorney Charles Michael.