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NY court takes hold of $35-M Marcos deposits
Philippine Daily Inquirer
Posted date: January 20, 2010
MANILA, Philippines—The New York State Supreme Court has taken custody of the $35-million account of the Marcoses deposited in Merrill Lynch pending determination by the tribunal on who should get the funds, Marcos human rights victims said Tuesday.
Loretta Ann Rosales, chair of the victims’ group Claimants 1081, said their US lawyer, Bob Swift, informed them last week that New York Justice Charles Ramos ordered Merrill Lynch to deposit the funds in the so-called Arelma account with the court.
Rosales added that Ramos might rule on the human rights victims’ claim over the money within the next two months.
“According to (Swift), the New York court has recognized that the human rights victims are first in time to execute on the money and have ordered Merrill Lynch to deposit the money in court,” Rosales said.
“Efforts by the (Philippine government) to delay the proceedings have been rebuffed by the court,” she added.
The victims are claiming the Arelma account in an effort to enforce the historic 1995 Hawaii court ruling that awarded them $2 billion in damages for what they suffered under the Marcos dictatorship.
Despite opposition from Merill Lynch and the Philippine National Bank (PNB), Ramos in November last year ruled that the victims’ claim over the Arelma account should proceed and be tried in his court.
The victims then asked the justice to take custody of the funds while he hears all the parties involved in the case. Ramos agreed despite opposition from PNB and Merill Lynch. Philip C. Tubeza
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Posted on February 1, 2010
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