Bahamian resident Bernard Goodman, of Anglo Paradise Limited and Winterburg Investment Limited, is reportedly looking to sue investment giant, Merrill Lynch and he is hoping to have the case heard in The Bahamas.
Goodman and his local attorneys at Lopez and Co., filed a writ back in May of this year seeking an appearance in the Supreme Court in The Bahamas, and are now awaiting a response for authorities as to how the matter will proceed.
The writ is charging that the defendants having accessed the funds acted in negligence to properly advise the clients and maintain the accounts on the clients’ behalf; failed to act in good faith and were in breach of fiduciary duty in handling the portfolio.
Reportedly, the negligence resulted in Goodman losing millions of dollars in the stock market, particularly during the 2008-2009 market crash; and having to liquidate certain of his securities at considerable loss to themselves.
According to public court records the amount being questioned in the proceedings is in the $6 million range, and was subject to a trust requiring that the defendants administer the same with the utmost good faith and not negligently.
Proceedings were first initiated against Merrill Lynch, Pierce, Fenner and Smith Inc. and Michael Halperin, last year; however, reportedly, Goodman “forcefully discontinued” action against the group.
Goodman allegedly volunteered to discontinue proceedings against Merrill Lynch, Pierce, Fenner and Smith Inc. and Michael Halperin, who represented himself as an “expert” agent of Merrill Lynch.
He is now seeking, through his attorneys, to have the matter heard in The Bahamas, where he believes he will have a fair trial; and to not only warn but sensitize others of the pitfalls in dealing with an international investment company.
“The attorneys are now waiting for a response from Merrill Lynch and the other defendants,” said Goodman. “However, this is a matter where we want to sensitize others of possible pitfalls in cases like these,” said Goodman.
Source: The Freeport News
