Securities Suit Against Yukos Thrown Out

Law360, New York (October 26, 2006, 12:00 AM EDT) -- A federal judge in New York has thrown out a proposed class action securities suit against Yukos Oil Company which claimed the bankrupt oil giant hid the possibility that the Russian government would take adverse action against it.

Soon after the Russian Federation took Yukos’ president Mikhail Khodorkovsky into custody in 2003 on charges including fraud and embezzlement, Yukos was accused of delinquency on $27.5 billion in taxes. The company’s assets were confiscated and its stock value plummeted.

On March 30, the court dismissed a large...
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