Legal Monitor, 12 February 2014
London’s High Court has delivered its judgment today on a multi-million dollar fraud against Otkritie, one of the largest financial services providers in Russia. Otkritie was defrauded by a group of former employees and their associates. Today’s judgment paves the way for the recovery of millions in already frozen assets and awards significant damages to Otkritie. Hogan Lovells has advised Otkritie throughout the dispute.
The case, which lasted 46 days in the Commercial Court, spanned over 20 jurisdictions and drew on Hogan Lovells network of global offices including Moscow, London, Paris, Hong Kong, Madrid and Amsterdam. The team advising Otkritie was led by corporate relationship partner Oxana Balayan in Moscow and litigation partners Neil Mirchandani and Crispin Rapinet in London, supported by Of Counsel Neil Dooley. The multinational team at Hogan Lovells further included over 100 lawyers and associates across the firm. The firm instructed Steven Berry QC, as Leading Counsel, with Nathan Pillow and Anton Dudnikov all of Essex Court Chambers.
Oxana Balayan of Hogan Lovells commented: “This is another great example of a leading financial institution’s use of innovative strategies to pursue, and bring to justice, a global and multi-million dollar fraud dispute. Our lawyers at Hogan Lovells acted as an extension of Otkritie’s legal team, utilising our firm’s global reach and strength in litigation to help the bank secure a comprehensive victory.”
