Russian bank overturns security decision in $1.3 billion fraud lawsuit

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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….

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