A federal judge in New York has approved more than $500 million in claims against a forfeited office building whose partial owners are accused of violating the Iranian trade embargo. U.S. District Judge Katherine Forrest had ruled earlier that the majority interest held by Assa Corp. and its partner, the Alavi Foundation, under the name 650 Fifth Ave. Co. was a front for Iran’s Bank Melli and the Iranian government. Creditors also seek to recover against seven additional properties in five states and three bank accounts.
LAW FIRM MERGERS STEADY
Law firm mergers continued at a fast pace during in 2014, with smaller acquisitions dominating the market, according to legal consultancy Altman Weil. Of the 22 deals announced thus far this year, approximately 82 percent involved firms with fewer than 15 lawyers. The largest merger so far was Buchanan Ingersoll & Rooney’s mid-March tie-up with Florida’s Fowler White Boggs to create a 530-lawyer firm. Altman Weil principal Ward Bower said smaller mergers are “just easier to do, and many of the megamerger prospects aren’t out there.”
