The arbitration stems from the dissolution of the two parties’ partnership
On Feb. 16, U.S. district judge Jesse M. Furman, of the Southern District of New York, granted LGC USA’s motion to confirm an arbitration award against one-time partner Julius Klein Group (JKG).
Last June, a three-person panel, all with experience in the diamond industry, ruled in LGC’s favor, according to the company’s motion. Reports say the award exceeds $100 million.
LGC is owned by billionaire Lev Leviev. Its arbitration with Julius Klein stems from the dissolution of the two parties’ long-running partnership.
JKG had argued the arbitration should be vacated, noting, among other claims, one of the arbitrators had a criminal conviction.
The judge’s full ruling is currently under seal.
JKG’s lawyer declined to comment. LGC’s lawyers did not respond to a request for comment.