Ex-Russian Bank Bosses Lose Bid To Nix Fraud Suit In UK

Law360, London (March 23, 2021, 4:02 PM GMT) -- A London judge ruled on Tuesday that a complex loan fraud lawsuit against former bosses of two major Russian banks can continue in England, but ordered the lenders to cover some of their costs for failing to disclose potentially overlapping foreign proceedings.

High Court Judge Nigel Teare dismissed an application by Mikhail Shishkhanov, Evgeny Dankevich and Vadim Belyaev to set aside an order allowing PJSC National Bank Trust and PJSC Bank Otkritie Financial Corp. to serve claims on them in connection with the fraud lawsuit brought by the lenders.

The defendants argued that a failure by the lenders' lawyers to disclose...

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