A Manhattan state judge has allowed to go forward a lawsuit by an offshore wealth management company accusing its lawyers of misappropriating money they were to hold in escrow, while the lawyers maintain that the company is not a legitimate business and that they represented it only in the interest of one of its investors.

In Mutual Benefits Offshore Fund v. Emanuel Zeltser, 650438/09, Supreme Court Justice Bernard J. Fried (See Profile) last week dismissed three of eight causes of action in Mutual Benefits Offshore Fund’s lawsuit against Emanuel Zeltser and Alexander Fishkin, the two Manhattan attorneys targeted in the suit. The judge, however, said it was too early to address many of the factual arguments the defendants raised.

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