Oil Trader Doesn't Have To Put Up Extra $10M In Fraud Suit

Law360, London (April 30, 2021, 6:14 PM BST) -- A London judge dismissed an application Friday to force an oil trading group to put up an extra $10 million in connection with a long-running fraud case against former directors and associated companies.

Peter MacDonald Eggers QC, sitting as a deputy judge of the High Court, said the Arcadia Group companies did not have to stump any extra cash to be held by the court in case it loses a fraud case, as former oil trader Steven Kelbrick failed to show they would not have the funds to pay him damages if necessary.    

The underlying dispute, which has been going on...

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