Southern District of New York Daniel Patrick Moynihan U.S. Courthouse at 500 Pearl Street. Photo: NYLJ/Rick Kopstein SDNY Judge Rules RICO Suit Belongs in Luxembourg Courts
"There can be no serious dispute that Luxembourg is an adequate forum for this dispute," Judge Cote concluded.
September 11, 2020 at 07:25 AM
1 minute read
The original version of this story was published on Litigation Daily
A team from Hogan Lovells led by Michael Hefter and Seth Cohen this week convinced U.S. District Court Judge Denise Cote of the Southern District of New York to dismiss a multibillion dollar RICO suit that New York-based hedge fund Kingstown Capital Management and European investors brought against the firm's clients, CPI Property Group and its majority shareholder, Czech billionaire Rodovan Vitek. The plaintiffs allege that Vitek secretly acquired control over the board of directors of ORCO, a Luxembourg-based real estate development company whose shares are traded on European exchanges, and stripped ORCO of valuable assets to the detriment of minority shareholders like Kingstown.
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