Headlines

Diamond Dealer Wins $200M+ in Legal Fight

Published

7 years ago

March 1, 2017

INSTORE Staff

The “King of Diamonds” had been in a long-running battle.

Businessman Lev Leviev has been awarded a $209 million judgment in a long-running battle with his former business partners in three diamond ventures.

Leviev, a billionaire known as the “King of Diamonds,” had partnered with Martin Klein and others starting in 2002, the New York Daily News reports. A decade later, a dispute over price arose when Leviev wanted to buy Klein out, and they headed to arbitration.

The New York Post reports that the arbitration “quickly turned ugly, including allegations that the arbitrator assigned to decide the case was not fit to do the job.”

Now a federal judge in New York has determined that the Julius Klein Group must pay $142 million to LGC USA Holdings, which is Leviev’s company. That’s on top of the $67 million that the Kleins previously forked over.

An attorney for the Julius Klein Group said an appeal is planned.

Read more at the New York Daily News

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