BP, Others Freed From $500M Norex Suit Over Takeover

Law360, New York (September 17, 2012, 6:01 PM EDT) -- Norex Petroleum Ltd. waited at least three years too long to sue BP PLC, Russian billionaires and others for allegedly conspiring to seize Norex's $500 million controlling interest in Russian oil company ZAO Yugraneft Corp., a New York state judge ruled Monday.

Despite juicy allegations of corrupt Siberian courts and armed mercenaries storming ZAO Yugraneft's offices, Judge Eileen Bransten said that Calgary, Alberta-based Norex was subject to the Canadian province's two-year statute of limitations, under which Norex had to sue BP no later than Dec. 21,...
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