Steven Simkin wanted to modify a divorce settlement reached with his wife after he learned that a multi-million dollar brokerage account--which had been held with Bernie Madoff--was valueless.
Although the New York County Supreme Court denied relief in his favor, the Appellate Division, First Department, reversed. But when the case reached our state's highest court, the New York State Court of Appeals was of the view that Simkin's claim--while "sympathetic"--didn't justify a downward modification of the settlement. (It thought a shift in the asset's valuation wasn't enough to warrant a reallocation of the marital assets.)
Were they all divorced from reality?
To view a copy of the Court of Appeals' decision, please use this link: Simkin v. Blank