News

October 2, 2017 News

Morrison Cohen Partners Featured in Diamond Intelligence Briefing in Litigation Involving Diamond Appraisers

October 3, 2017 - Morrison Cohen partners Y. David Scharf and Jeffrey D. Brooks are mentioned as counsel for plaintiff, KS Trade LLC, in an extensive exposé in the October issue of the Diamond Intelligence Briefing on its litigation in the New York Supreme Court against the International Gemological Laboratories (IGI), all of IGI’s owners, holdings and associated companies, and the Israel Diamond Exchange.

David and Jeffrey are representing KS Trade in “an action for injunctive relief, deceptive trade practices, unfair competition, violation of the Donnelly Act, fraud, aiding and abetting fraud, breach of contract, and tortious interference.”  The basis for the Complaint is that IGI and others engaged in, or actively abetted, a fraudulent scheme to manipulate IGI’s evaluations of diamonds and jewelry to misrepresent their true value.  By giving diamonds higher grades than are correct the Defendants created illicit profits at the expense of diamond dealers, jewelry manufacturers and the ultimate end-user consumers.

Click here to read the article “NY Supreme Court to Hear Fraud Allegations against IGI” from the October 2017 issue of Diamond Intelligence Briefing.

The Complaint was filed on September 15, 2017, in the Supreme Court of the State of New York, County of New York – Case No. 656713/2016: KS Trade LLC vs. International Gemological Laboratories, et al.