NEW YORK — Bruce Winston doesn’t want to stop the legal wrangling that has plagued his family for years.
This story first appeared in the October 25, 2002 issue of WWD. Subscribe Today.
An amended plea seeking $1.3 billion in damages was filed Thursday by famed jeweler Harry Winston’s youngest son in Westchester County surrogate court in White Plains, N.Y., against Deutsche Bank, according to Winston’s attorney, Paul Wexler. Wexler said the charge includes inventory losses of more than $100 million plus interest, and totals $1.3 billion that Winston claims he should have received as part of his inheritance.
Winston initially filed his suit in 1997 against his brother, Ronald, and Banker’s Trust, the original trustee of the estate of Harry Winston Inc. Deutsche Bank acquired Banker’s Trust in 1999. Bruce’s claims against Ronald were settled in 2000, according to Wexler.
Each brother had been given a 50 percent stake in the company after their father died in 1978. After years of bitter dispute, Ronald Winston joined forces with private equity firm Fenway Partners in 2000 to acquire all outstanding shares of the company, buying out Bruce’s stake in the business. On Thursday, Ronald Winston said, “I have nothing to do with this. I can’t predict what my brother is going to do.”
Thursday’s filing against Deutsche Bank is likely to go to trial in 2003, Wexler said. Calls to Deutsche Bank’s attorney on Thursday were not returned.