Investment Manager Rothschild Hit With $100M Kickback Suit
Law360 (October 15, 2020, 9:46 PM EDT) -- A Luxembourg private asset manager sued investment house Edmond de Rothschild (Europe) SA in New York state court Wednesday, alleging the financial institution lost more than $100 million of a former Russian oil executive's assets by embezzling and lining its pockets with kickbacks from "unscrupulous firms."
The complaint was filed by Fortinvest Investments Holdings, a family company in Luxembourg with a sole beneficial owner, Sergei Mikhailovich Bogdanchikov, an engineer and former CEO of Rosneft, a large Russian government-controlled oil company.
Beginning in 2001, Fortinvest invested more than $150 million with Edmond de Rothschild, which handed over the portfolio to New York-based Vladimir...
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