Russian bank overturns security decision in $1.3 billion fraud lawsuit

By Joanne Faulkner (January 19, 2022, 17:55 GMT) – A London judge on Wednesday overturned a ruling that found Vneshprombank LLC failed to comply with the terms of a consent order allowing it to post security for its fraud claim of $1.3 billion against ex-owner Georgy Bedzhamov through a bank guarantee.

High Court Judge Sarah Falk agreed with VPB that a lower court official had wrongly found that new wording inserted into a bank loan guarantee constituted a material variation which by diluting the effect . Judge Falk said the Russian bank should be relieved of sanctions requiring millions of pounds accrued for security to remain in cash paid into court….

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!



Comments are closed.