Romain et al., v. Seabrook et al. (COBA)May 17, 2017
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Together with the Seelig Law Offices, Newman Ferrara represents current and former members of the Correction Officers' Benevolent Association ("COBA") who have brought this action derivatively on behalf of the COBA General Fund and the COBA Annuity Fund -- two investment funds overseen by the COBA Executive Board of Directors ("COBA Executive Board") -- against the members of the COBA Executive Board and COBA's former president, Norman Seabrook.
In sum, the Complaint alleges that Seabrook and the COBA Executive Board breached their fiduciary duty to properly oversee and manage the COBA plans for the benefit of COBA's members which resulted in the loss of tens of millions of dollars of plan assets.
In addition, the complaint charges that Seabrook, who has been indicted for taking kick-backs, conspired with others, including the principals of the now-disgraced hedge fund Platinum Partners, to invest tens of millions of COBA's assets in what appears to be a Ponzi scheme run by Platinum Partners.
Despite the massive damage done to COBA by Seabrooks's criminal conduct, COBA's Executive Board continues to pay Mr. Seabrook's criminal defense costs using COBA funds. In fact, despite demands and even a preliminary injunction motion made to prevent those paymets, the COBA Executive Board refuses to cease covering those costs.
The complaint charges defendants with violations of the federal Racketeer Influenced and Corrupt Organizations Act (RICO) as well as various state law claims.
Those seeking a copy of the complaint can download it above. Those looking for more information about this case may contact attorneys Jeffrey Norton at (212) 619-5400 or Phil Seelig at (212) 766-0600.
Newman Ferrara maintains a diverse New York practice with attorneys specializing in complex commercial and multi-party litigation with an emphasis on securities and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
Seelig Law Offices is a full-service New York City law firm assisting clients with an array of services, including Social Security disability, disability pensions, civil service matters, discrimination matters, personal injury, and employment law. For more information, please visit the firm website at www.pseeliglaw.com.