Itkowitz Obtained an Approximately $115,000.00 Settlement from the Turkish Equivalent of the FDIC.
December 29, 2010
September 2010 Settlement of Interest
Itkowitz obtained an approximately $115,000.00 settlement from the SDIF, the Turkish equivalent of the FDIC. Itkowitz represented a prominent financial consulting firm in a breach of contract action against the SDIF to recover the amount paid under a contract for consulting services related to a United States bank in which the SDIF invested. Itkowitz filed suit in the SDNY under the Foreign Sovereign Immunities Act, as the SDIF is an instrumentality of the Turkish government, and had to serve process on the SDIF with translated copies of the documents through the Turkish Central Authority designated for service of process pursuant the Hague Convention on Service of Judicial and Extrajudicial Documents. Upon service of the complaint, the SDIF attempted to negotiate a reduction in the amount due under the contract, but Itkowitz succeeded in settling the matter for the full amount due under the contract.
