Ex-Bank Exec Gets Expense Cut After £780M Fraud Judgment

Law360, London (June 12, 2020, 6:55 PM BST) -- A London judge Friday slashed the monthly expense cap for a former Trust National Bank official who, alongside two other executives, defrauded the Russian bank of hundreds of millions of pounds, saying £17,000 ($21,000) per month was "way too much."

In light of the High Court's judgment earlier this year and a worldwide asset freeze imposed on the three men, counsel for the Russian bank on Friday asked Judge Nigel Teare to eliminate the carveout Sergey Belyaev was previously given for living and legal expenses.

In the alternative, the bank proposed axing it down to a £6,000 monthly cap, while Belyaev...

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