NY Court Nixes Norex's Siberian Oil Field Suit

Law360, New York (August 31, 2015, 8:11 PM EDT) -- A New York court tossed Norex Petroleum Ltd.’s lawsuit targeting BP PLC and two billionaires over an alleged plot to steal Norex’s $500 million stake in a Russian oil company, holding that a Siberian court’s decision diluting its investment stands up in American court.

Judge Eileen Bransten held Thursday that the principle of international comity applies to a Siberian’s court decision to slash Norex’s holdings in ZAO Yugraneft Corp., killing the long-running suit’s claims that the two billionaires partnered with BP and others to illegally force Norex out of its controlling stake, in part by strong-arming the allegedly corrupt Russian court....

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