A bitter family feud that has divided the owners of Emigrant Savings Bank in New York took an ugly turn last week when the thrift company's chairman filed a lawsuit to remove his own nephew as chief executive officer.

Paul Milstein, who bought Emigrant 14 years ago with his brother Seymour and helped build it into one of the East Coast's largest thrifts, is seeking to oust Seymour's son Philip as president and chief executive officer of the thrift and its holding company, $7.3 billion-asset Emigrant Bancorp.

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