A protracted-simmering household feud over a sprawling New York actual property portfolio has flared up once more.
Steve Jemal filed a brand new lawsuit this week in Manhattan Supreme Court docket accusing his brother, Alan Jemal, and their mom Ruth of siphoning cash from a community of collectively owned actual property corporations, slicing him out of administration selections and utilizing the companies as “private piggy banks.”
The swimsuit targets ten restricted legal responsibility corporations that personal properties throughout the town, from Harlem to Brooklyn and the Bronx. Collectively, the entities maintain a portfolio that has been managed for years by members of the Jemal household and has been the supply of a bitter back-and-forth.
Steve alleges that Alan and Ruth have basically seized management of the companies and refused to offer entry to the books, leaving him “blind as to his money stream,” per the swimsuit. Alan and Ruth allegedly moved cash between entities, paid themselves administration charges and used firm funds to cowl private bills starting from luxurious automotive leases to charitable donations and streaming subscriptions, the swimsuit alleges.
Steve claims his month-to-month distributions had been slashed whereas the opposite members of the family continued to obtain bigger funds, per the grievance. Along with financial damages, Steve is asking the court docket to nominate a impartial receiver or everlasting third-party supervisor to run the businesses.
This isn’t the primary time the household has ended up in court docket. The brothers beforehand battled over the identical portfolio in a sequence of lawsuits filed in 2020, which had been settled in June 2022. The alleged misconduct has continued, prompting the most recent motion, per the swimsuit.
Attorneys for Steve and Alan didn’t instantly reply to a request for remark.
Learn extra
The bickering bros: Jemals escalate battle over portfolio
He started it: Jemal brothers accuse each other in lawsuits
Sibling rivalry: Alan Jemal calls Steven’s allegations “false and ridiculous”
