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TheAssociatedPressState&LocalWire
November6,2003,Thursday,BCcycle
Report:Developer,brotherendlegalbattle
SECTION:StateandRegional
LENGTH:338words
DATELINE:TRENTON,N.J.
RealestatemagnateCharlesKushnerhasreportedlyreachedasettlementwithhisolderbrother,whohadclaimedinalawsuitthathissiblingmisusedfundsfromtheirfamilybusinessforpersonalandpoliticalpurposes.
TheStarLedgerofNewark,citingthreeunidentifiedsourcesclosetothebrothers,reportedThursdaythatthedealwasreachedthisweek.ItcallsforCharlesKushnertopayanundisclosedpricetobuyouthisbrother'sestimated20percentinterestinthefamily'sFlorhamParkbasedKushnerCompanies.
Inreturn,MurrayKushnerandRobertYontef,aformeraccountantatKushner'smanagementcompanywhohadfiledasimilarsuitagainstCharlesKushner,haveagreedtodroptheirrespectivelitigation.
Mostofthemoneyinvolvedinthesettlementhasbeendepositedintoanescrowaccount,thesourcessaid,andthedealstipulatesthatitwouldbereleasedinJanuary.KushnerCompanies,believedtohaveatleast$1billioninassets,ownsandmanagesnumerousbuildingsandotherholdings,includingrentalapartments,shoppingcentersandahotel.
However,thesourcessaidYontefwasnotpartofthebrothers'settlement,anditwasunclearwhyhedroppedhissuit.ItalsowasunclearwhetherdealwouldaffectanongoingfederalprobeofCharlesKushnerthatwasbasedonallegationsincludedinthelawsuits.
MichaelDrewniak,spokesmanforU.S.AttorneyChristopherChristie,andCharlesKushnerwouldnotcommentonthereport.Kushnerreferredallquestionstohisspokesman,HowardRubenstein,whowouldneitherconfirmnordenythesettlement.
YontefandMurrayKushnerwerenotimmediatelyavailableforcomment.
CharlesKushnerhascontributedmillionsofdollarstostateandfederalpoliticalcandidatesinthepastfiveyearsandisatopdonortoGov.JamesE.McGreevey.ThegovernorappointedKushnertoaseatonthePortAuthorityofNewYorkandNewJersey'sBoardofDirectorslastyear,butheresignedaftertheprobeintohisactivitiesbecamepublic.
LOADDATE:November7,2003
LANGUAGE:ENGLISH
Copyright2003AssociatedPressAllRightsReserved
