New York State Supreme Court dismisses case against DDC

Reports say that a lawsuit against the Diamond Dealers Club of New York (DDC) filed at the New York State Supreme Court, has been dismissed by the Court’s Justice Michael D. Stallman. The suit was initiated by the former vice president of the bourse - David Abraham. He had pleaded to the court in February 2009 to annul the results of a referendum in December 2008 that had repealed the DDC’s term limit and enabled its president of that time - late Jacob Banda, to win a fifth term in office, reports add.

Abraham said that members who had not yet paid their annual dues must not be permitted to caste their vote, reports say. Dismissing this petition, Justice Stallman mentioned that the non-due-paying members had not received suspension notice, as a result they “could not be considered ineligible to vote.”

The DDC expressed being pleased at the Court’s decision, which affirms that the vote on the DDC bylaws was conducted honourably and that there was no finding of wrongdoing by DDC or Jacob Banda. DDC’s current president, Moshe Mosbacher, mentioned that the membership was pleased at the judge’s decision and it will continually strive to demonstrate that the DDC, under its new leadership, is the leading voice of the industry, reports say.