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RESURGENCE ASSET MGT., LLC v. GIDUMAL

10109, 651737/12.

176 A.D.3d 520 (2019)

111 N.Y.S.3d 7

2019 NY Slip Op 07493

Resurgence Asset Management, LLC, Respondent, et al., Plaintiffs, v. Steve Gidumal, Appellant.

Appellate Division of the Supreme Court of New York, First Department.

Decided October 17, 2019.

Attorney(s) appearing for the Case

O'Brien LLP, New York (Sean R. O'Brien of counsel), for appellant.

Pollack Solomon Duffy LLP, New York (Barry S. Pollack of counsel), for respondent.

Concur—Friedman, J.P., Renwick, Kapnick, Gesmer, Kern, JJ.

Defendant, Steve Gidumal, served as a Managing Director and Co-Chief Investment Officer for RAM, a private equity firm founded and owned by plaintiff M.D. Sass Investors Services, Inc. During his tenure, Gidumal managed, inter alia, an investment fund titled M.D. Sass Corporate Resurgence Holdings III, LLC (Holdings), a wholly-owned subsidiary of a fund known as "Fund III" consisting of 13 investors. The Limited Partnership Agreement that created Holdings contained a "clawback...

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