Chancery Stays PrivatBank Suit Pending Ukraine Action

By Jeff Montgomery (August 24, 2021, 9:37 PM EDT) -- A Chancery Court suit in Delaware targeting alleged domestic laundering of proceeds from a purported multiyear looting of Ukraine's PrivatBank by two billionaire oligarchs has largely been stayed pending developments in actions in Ukraine.

Vice Chancellor Joseph R. Slights III's decision late Friday in the more than two-year-old case noted that moving forward in Delaware now would oblige Chancery to "adjudicate these issues of Ukrainian law at the same time those issues are being litigated before judges expert in that law."

"The risk of inconsistent judgments is high," the vice chancellor said in a decision noting that some procedural matters will...

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