Merrill Lynch is bringing an action in New York against three members of the Safra banking dynasty, which moved to Brazil from Beirut in the early fifties and several members of which are multi-billionaires according to Forbes, alleging they made losses of over $78 million and would not pay up, according to a Reuters report.

Merrill alleges Ezequiel Nasser and his son Raymond Nasser, who are both Brazilian citizens, and Ezequiel Nasser's uncle, Albert Nasser, who is a citizen of Argentina, engaged in high risk investment and trading, according to papers filed in New York State Supreme Court.

The court documents say that: "Certain trades went against them, leaving a deficit balance in their accounts aggregating more than $78 million.

"Notwithstanding their representations of net worth well in excess of their losses, the Nassers have refused, neglected and failed to satisfy their indebtedness to Merrill Lynch."