ALUMNI Partners secures a win for a Promsvyazbank former top manager sued for RUB 137.2 bn in damages

After Promsvyazbank was placed into rehabilitation, the bank went to court seeking to recover more than RUB 243 bn in damages caused by former owners, top managers and certain employees. In addition to transaction damages, the bank claimed damages from the defendants, invoking a special provision of the Bankruptcy Law in connection with financial assistance rendered to it by the Bank of Russia during the rehabilitation. The case involved eight episodes and was pending with the first instance court for more than 3.5 years.

The ALUMNI Partners project team was headed by Counsel Rimma Malinskaya, with significant input provided by Senior Associate Marina Ivanova and Associate Daria Sergeeva. Junior Associate Dmitry Ludanin was also involved in the project.

“This is a very important, precedent-setting victory for this category of disputes, a major case on the market and one of only a few in which the claimants attempted to have employees not sitting on governance bodies held liable as controlling persons”, says Rimma Malinskaya.