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SC Appellate Division upholds court’s decision on DDC lawsuit
Agrees to the dismissal of the lawsuit
By: Diamond World News Service
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Jan 19 2011 12:45PM
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Reference: 5660  

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The New York State Supreme Court Appellate Justices have unanimously upheld an earlier decision made by the Supreme Court of New York, to dismiss a lawsuit against the Diamond Dealers Club. The lawsuit had been filed in February 2009, by David Abraham, petitioning to void a vote by DDC members in December 2008 to amend the Club's by-laws.

The Supreme Court’s Appellate Division announced its agreement with the Supreme Court's finding in March 2010 that DDC members' voting rights could not be suspended without "reasonable notice," and that a notice sent to DDC members by the Club's late president, Jacob Banda, about a special meeting in December 2008, complied with DDC by-laws. Mr. Abraham additionally was ordered to pay court costs.

"We welcome the Appellate Court's decision in that it confirms what we have always contended, which is that the Diamond Dealers Club operates in a transparent and aboveboard manner," said Dr. Martin Hochbaum, DDC managing director, speaking on behalf of the Club.

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