Ex-Lehman CEO Dick Fuld In Family Spat

Richard Fuld

Dick Fuld, the former CEO of Lehman Brothers, has sued his estranged son-in-law over “deceptive conduct” related to a loan for the purchase and renovation of a Manhattan apartment.

Bloomberg reports that Fuld has sued Aaron Packles for 'inducing plaintiff to advance significant sums for the purchase and renovation' of an apartment on the ninth floor of 79 East 79th Street by 'falsely representing that defendant intended to repay that loan, failing to disclose his true intention to aver falsely that the apartment and renovations were a gift, and his failure to repay those funds to date'.

Packles and Fuld’s daughter Christine paid $9.75m in cash for the apartment in 2007, shortly after they were married, the New York Times reported in March 2009. They put the apartment on the market in January 2009 for $12.95m, and lowered the asking price to $9.8m six weeks later, the Times said.

The 11-room apartment, with four bedrooms and four bathrooms, features a private elevator and a dining room with views of Central Park, according to a listing on the website of Corcoran Group Real Estate. It was sold for $9m in April 2011 to Joseph and Erica Samuels, according to city property records.

Hit the link below to access the complete Bloomberg article:

Ex-Lehman CEO Sues Estranged Son-in-Law Over Apartment Loan

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