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Komfie Manalo, Opalesque Asia: The law firms of Newman Ferrara LLP and Seelig Law Offices, LLC have filed a lawsuit on behalf of active and retired correction officers against the Correction Officers Benevolent Association (COBA) executive board, its indicted former president Norman Seabrook and others in connection with the alleged misconduct and racketeering scheme of hedge fund Platinum Partners.
The lawsuit was filed before the United States District Court for the Southern District of New York, a joint statement of the law firms said.
According to the complaint, styled as a derivative lawsuit on behalf of certain COBA benefit plans, Seabrook and other plan fiduciaries breached their duty to properly oversee and manage the plans for the benefit of COBA’s members which resulted in the loss of tens of millions of dollars of plan assets.
Newman Ferrara partner Jeffrey Norton said of the lawsuit, "It is both ironic and shameful that while 9000 COBA correction officers dedicate their lives to maintaining order within the City’s jails, Seabrook and those were entrusted to protect the membership’s benefits criminally-conspired to misuse and enrich themselves with union funds."
In addition, the complaint charges that Seabrook, who has been indicted for taking kick-backs, conspired with others, including the principals of t...................... To view our full article Click here
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