A nonequity partner can proceed with his claims against dissolved firm Gersten Savage and its founding partner, said a state court judge who also found an equity partner's claims were premature.
David Danovitch, an equity partner in Gersten Savage, and John Riley, who had nonequity status, sued the firm, its founder Jay Kaplowitz, and Kaplowitz's wife in February, claiming that in the three years leading up to the firm's collapse Kaplowitz used the firm's money to cover personal expenses for himself and his wife, making the firm appear to be unprofitable and denying partners their pay (NYLJ, March 6).
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