Russian Banks Don't Have To Pay $20M To Back Fraud Claims

Law360, London (April 30, 2021, 1:55 PM BST) -- Two Russian lenders will not have to post an additional $20 million to keep a freezing order in place against a compatriot billionaire after a judge ruled on Friday that there is scant proof the fraud proceedings have damaged his hedge fund. 

Judge Neil Calver rejected an application to the High Court to force PJSC National Bank Trust and Otkritie Bank Financial Corp. to hold more money on account with their solicitors in the fraud lawsuit brought by the Russian banks against Boris Mints and his three sons. Mints is a former co-owner of Otkritie.

The lenders are suing the Mints family, which...

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