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.
SOURCE Novick & Associates, P.C.