Steptoe's latest success for National Bank Trust was covered in a February 3 Law360 article titled "Bank Exec Loses Bid To Stay $900M Fraud Repayment."
On February 3, a London judge refused to pause an order requiring a former banker to repay millions to National Bank Trust for his part in a scheme to funnel money out of the Russian lender. In January 2020, Sergey Belyaev and two other former Trust National Bank officials were ordered to pay $900 million after the court found that they had moved cash out of the Russian lender for their own benefit.
The litigation brought by National Bank Trust focused on nonperforming loans the lender ended up with as a result of transactions the men arranged when they were majority shareholders. The bank argued at trial that the men had carried out a fraudulent scheme, hiding the firm's toxic debt by recycling money through sham loans to other investment vehicles they controlled.
The Steptoe UK litigation team representing National Bank Trust in this matter is led by partner Neil Dooley, with associates Natalia Gofman and Yuliya Luy.
Read the full article at Law360 (subscription required).