Julius Klein Group had sought to have the award vacated
On Feb. 27, U.S. district judge Jesse M. Furman, of the Southern District of New York, revealed the amount of LGC USA’s arbitration award against Julius Klein Group and related entities: $142 million.
That amount includes the initial face value of the award ($111 million), which was said to be equivalent to LGC’s 43.5 percent equity ownership of Julius Klein Group, plus $6.35 million for sight rights. The panel then added additional prejudgment interest. According to the panel ruling, $66.7 million had previously been paid from Julius Klein Group to LGC.
The 2-1 judgment was handed down June 30, 2016, by a three-person panel. It ruled in LGC’s favor but denied its claims for sanctions and attorney fees.
Julius Klein Group had sought to have the award vacated, but its request was declined by the judge.
LGC is owned by Israeli billionaire Lev Leviev, a longtime partner of Julius Klein Group.
Julius Klein Group’s lawyer declined comment.