Welcome!

News Feed Item

Appeals Court Rules Against BNY Mellon In Mercer Estate Battle

Bank had sought the removal of court appointed infants' guardian

HUNTINGTON, N.Y., Jan. 23, 2014 /PRNewswire/ -- In a unanimous decision issued yesterday, the Appellate Division of the Supreme Court of the State of New York upheld a July, 2012 ruling by Suffolk County Surrogate's Court Judge John M. Czygier Jr. against BNY Mellon and its co-fiduciaries in the ongoing battle over the alleged mismanagement by BNY Mellon of the multi-million dollar estate of Norman Mercer. Mr. Mercer, a renowned sculptor and international businessman, died in his East Hampton home in November of 2007 at the age of ninety-one.

In 2012 BNY Mellon tried to seek the removal of the court-appointed guardian of Norman Mercer's great grandson, grandnieces, grandnephews and unborn heirs. Judge Czygier had appointed the guardian, known as a guardian ad litem, nine months earlier to protect the children's financial interests in an estate accounting battle between BNY, its co-fiduciaries, and Mr. Mercer's sons.

Judge Czygier had made the legally mandated appointment of the guardian in order to protect the interests of all of the underage and unborn beneficiaries of Norman Mercer's Will.  The executors of the Mercer estate, BNY Mellon, Carol Mercer who is Norman Mercer's fourth wife, and Martin D. Newman filed a petition in Surrogate's Court to remove the court appointed guardian.

Norman Mercer's sons David Mercer and Howard Mercer argued passionately to have a court-appointed guardian remain in place to protect their father's infant and unborn heirs.  Judge Czygier ruled against BNY and its co-fiduciaries in July of 2012. BNY, together with its co-fiduciaries, appealed that ruling.

In its ruling yesterday the Appeals Panel unanimously found that Judge Czygier had acted properly in denying BNY Mellon's motion to remove the court-appointed guardian ad litem.

In a lawsuit currently pending in federal district in New York, Howard and David Mercer accuse Martin Newman and BNY, under the direction of Joseph Samulski, the Chief Fiduciary Officer of BNY Mellon Wealth Management, of initiating, approving, and aiding Carol Mercer's alleged illegal invasion of the corpus of trusts established by Norman Mercer in a scheme to loot the trust's assets.

Contact:    Donald Novick, Novick & Associates, P.C.
                Email: [email protected]
                (631) 547-0300

 

SOURCE Novick & Associates, P.C.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his session at @ThingsExpo, Dr. Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, presented the findings of a series of six detailed case studies of how large corporations are implementing IoT. The session explored how IoT has improved their economic performance, had major impacts on business models and resulted in impressive ROIs. The companies covered span manufacturing and services firms. He also explored servicification, how manufacturing firms shift from se...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
For far too long technology teams have lived in siloes. Not only physical siloes, but cultural siloes pushed by competing objectives. This includes informational siloes where business users require one set of data and tech teams require different data. DevOps intends to bridge these gaps to make tech driven operations more aligned and efficient.
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
It is ironic, but perhaps not unexpected, that many organizations who want the benefits of using an Agile approach to deliver software use a waterfall approach to adopting Agile practices: they form plans, they set milestones, and they measure progress by how many teams they have engaged. Old habits die hard, but like most waterfall software projects, most waterfall-style Agile adoption efforts fail to produce the results desired. The problem is that to get the results they want, they have to ch...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors!
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
JETRO showcased Japan Digital Transformation Pavilion at SYS-CON's 21st International Cloud Expo® at the Santa Clara Convention Center in Santa Clara, CA. The Japan External Trade Organization (JETRO) is a non-profit organization that provides business support services to companies expanding to Japan. With the support of JETRO's dedicated staff, clients can incorporate their business; receive visa, immigration, and HR support; find dedicated office space; identify local government subsidies; get...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...