Harvey Weinstein Sues Brother and Former Weinstein Company Exec David Glasser, Alleging Fraud and Financial Conspiracy

Harvey Weinstein sues Bob Weinstein & David Glasser, alleging fraud, financial conspiracy, & a plot to oust him from TWC, leaving him liable for a $45M loan

NEW YORK, NY, UNITED STATES, February 14, 2025 /EINPresswire.com/ -- Harvey Weinstein has filed a lawsuit against his brother, Bob Weinstein, and former Weinstein Company executive David Glasser, alleging financial misconduct that resulted in his personal liability for a $45 million loan. The lawsuit asserts that Bob Weinstein and Glasser engaged in financial transactions that led to the misallocation of company funds, leaving Harvey Weinstein solely responsible for the repayment of the loan.

Filed in the Supreme Court of the State of New York under Index No. 656864/2017, the lawsuit claims that Bob Weinstein, Glasser, and other executives influenced Harvey Weinstein to personally guarantee a multimillion-dollar loan from AI International Holdings (BVI) Limited to The Weinstein Company (TWC) Borrower 2016, LLC. The complaint further alleges that instead of being used for the company’s financial needs, portions of the loan were used for executive bonuses, personal transactions, and other financial activities, resulting in Weinstein’s full liability.

“As he claims in his complaint, Harvey Weinstein was deceived by those closest to him, and secured a $45 million dollar loan under the pretense of saving The Weinstein Company. While Harvey personally guaranteed the loan, others within The Weinstein Company enriched themselves and strategically undermined him, leaving him ‘holding the bag’ of debt while ‘lining their pockets’ when the company was in crisis,” said Weinstein’s attorney, Imran H. Ansari of Aidala, Bertuna & Kamins, P.C.

Key Financial Allegations

According to the legal filings, the lawsuit makes the following claims:

• Bob Weinstein allegedly withdrew at least $6 million from company accounts, prioritizing personal payouts over creditors, including AI International.

• Glasser, while serving as Chief Operating Officer, allegedly approved and received $5 million in executive bonuses and other transactions.

• Glasser allegedly directed $1 million in company funds to his father, Richard Glasser, without documented business justification.

• Glasser personally guaranteed $2 million of the AI International loan, underscoring his involvement in the financial structuring of the transaction.

• Irwin Reiter, former Executive Vice President of Accounting and Financial Reporting, allegedly facilitated these transactions while overseeing financial records.
Loan Settlement and Liability Dispute

The lawsuit also addresses the settlement negotiations surrounding the AI International loan, asserting that Bob Weinstein and Glasser reached an agreement that removed their financial responsibility while leaving Harvey Weinstein liable for the majority of the debt.

The legal filings state:

• Bob Weinstein and Glasser settled their obligations for $15 million, significantly less than the original $45 million loan.

• Harvey Weinstein remained solely responsible for the remaining $30 million plus interest.

• Documents from The Weinstein Company’s bankruptcy proceedings (Exhibit C) indicate financial distributions to executives during the company’s financial decline.

Legal Action and Requested Remedies

Weinstein is seeking:

1. Indemnification from financial liability related to the AI International lawsuit.

2. Recovery of funds that were allegedly misallocated.

3. Legal costs and an injunction to prevent further unauthorized financial transactions.

The lawsuit marks a significant legal development regarding The Weinstein Company’s financial history and executive decision-making leading up to its bankruptcy.

Juda Engelmayer
Aidala, Bertuna & Kamins, P.C
+1 212-220-3898
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