Overview
Global Arbitration Review covered Steptoe's recent win on behalf of National Bank Trust and Otkritie in a December 17 article titled "LCIA panel upholds Russian bank fraud claim." The article notes that the London Court of International Arbitration (LCIA) upheld fraud claims by the two banks against companies belonging to the O1 Group Ltd, an investment holding company.
National Bank Trust and Otkritie assert that a transaction related to $600 million worth of secured, short-term loans that Otkritie and Rost made to the O1 group were repaid with the banks' own money and replaced with unsecured, long-term bonds that hold no value. The banks seek a monetary award as retribution.
The National Bank Trust and Otkritie are represented by partner Neil Dooley and associates Natalia Gofman and Yuliya Luy in London.
Steptoe & Johnson LLP represents the banks in this matter.
The full article can be read at Global Arbitration Review (subscription required).
