Home Today Russian oil magnate who sued Rothschild sees NY case dismissed

Russian oil magnate who sued Rothschild sees NY case dismissed

Sergey Bogdanchikov, who rose from humble roots to guide the vitality large Rosneft, filed the case in New York final yr. A decide dominated that the US was the fallacious discussion board for the case, as a result of a lot of the proof, defendants and transactions had been abroad.

By Bloomberg

A former Russian oil magnate’s lawsuit to get well half of his misplaced $150 million fortune from the Edmond de Rothschild financial institution was dismissed by a decide in New York.

State Supreme Court docket Justice Joel Cohen on Thursday dominated that the U.S. was the fallacious discussion board for the case, as a result of a lot of the proof, defendants and transactions had been abroad.

Sergey Bogdanchikov, who rose from the son of a schoolteacher and a farm mechanic on the Russian steppe to guide the vitality large Rosneft at one time, filed the case in New York final yr. He claimed that the financial institution’s Luxembourg unit conspired with a Brighton Seashore couple and a Manhattan funding supervisor to siphon off his fortune by means of inflated charges and kickbacks whereas hiding behind “the luster and popularity” of the Rothschild identify. Hovering over the case was the attract of Swiss banks because the world’s most secure repositories of wealth.

Dismissal of the New York claims towards the Brighton Seashore couple requires them to make a submitting inside 14 days to indicate they settle for the jurisdiction of the Luxembourg courts for Bogdanchikov’s case towards them there, the decide mentioned. If not, the case can resume in New York, he mentioned.

The ruling means the couple is “now obliged to face justice in Luxembourg,” Alexey Bogdanchikov, Sergey’s son, and a spokesman for him, mentioned in an announcement, including: “We’ll proceed to hunt full compensation from Financial institution Edmond de Rothschild regardless of this court docket ruling on technical grounds.”

The financial institution has denied wrongdoing, and on Thursday a Rothschild spokeswoman in Geneva declined to touch upon the case’s dismissal. A lawyer for the couple has additionally denied wrongdoing, and declined to touch upon Cohen’s ruling Thursday. The funding supervisor settled with Bogdanchikov in September.

The case is Fortinvest Investments Holding S.A. v. Vladimir Oblonsky et al., 655263/2020, New York State Supreme Court docket, County of New York (Manhattan).

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