SJB, Freshfields see end of mammoth Russian dispute
A raft of City firm roles came to an end last week when the $2bn (£968m) dispute over Russian telecoms company Megafon finally settled after four years.
December 05, 2007 at 09:14 PM
2 minute read
A raft of City firm roles came to an end last week when the $2bn (£968m) dispute over Russian telecoms company Megafon finally settled after four years.
SJ Berwin litigation partner Justin Michaelson was advising investment boutique LV Finance, which was being sued by Bermuda-based fund IPOC International Growth Fund over a 25% stake LV had held in Megafon.
IPOC, advised by Winston & Strawn corporate partner Barry Vitou, had claimed it was entitled to the Megafon stake in question under a series of options. LV had, however, sold the shares to CT-Mobile, a company ultimately controlled by Russian financial-industrial conglomerate Alfa Group.
Freshfields Bruckhaus Deringer was instructed for CT-Group under dispute resolution partner Nigel Rawding. Lovells was instructed by Alfa fielding a team led by litigation partner Chris Hardman.
The parties fought a series of battles in Europe and the Caribbean, with IPOC arguing that as the rightful owner of the stake it should be protected by Russian law. A Swiss court ruled last year that IPOC was a vehicle to hide ownership of Russia's telecoms minister, Leonid Reiman, although he has denied the claims.
The settlement, which was validated by the High Court in Bermuda, means IPOC is no longer able to claim the shares.
Michaelson, who brought the case to SJ Berwin when he joined from Weil Gotshal & Manges at the start of the year, said: "It has been a drawn-out process involving two arbitrations in Switzerland, arbitration in Stockholm, court of appeal in the British Virgin Islands, privy council in the UK, three sets of antecedent in Bermuda, proceedings in New York and recognition in Bermuda."
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllDavis Polk Veterans Launch M&A, Private Equity Boutique in France & Italy
2 minute readFreshfields Advises Troubled Chemical Giant BASF on €6 Billion Loan Refinancing
2 minute readLinklaters Rehires Paris Partner From Freshfields & Adds Second in Amsterdam
2 minute readTrending Stories
- 1The Law Firm Disrupted: Playing the Talent Game to Win
- 2A&O Shearman Adopts 3-Level Lockstep Pay Model Amid Shift to All-Equity Partnership
- 3Preparing Your Law Firm for 2025: Smart Ways to Embrace AI & Other Technologies
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5A RICO Surge Is Underway: Here's How the Allstate Push Might Play Out
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250