Dispute Resolution Blog Publishes Akin Gump Analysis of Court of Appeal’s Decision in Privatbank Case
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Practical Law’s Dispute Resolution Blog has published the article “Implications of the judgment in PJSC Commercial Bank Privatbank v Kolomoisky,” written by Akin Gump litigation partner Mark Dawkins and associate Srishti Kalro. The article looks at some of the implications of a decision by England’s Court of Appeal that touches on “a number of interesting points of interpretation relating to the Lugano Convention and the Brussels Recast Regulation.”
The case in question concerns an alleged plot by the defendants to misappropriate roughly $2 billion from Ukraine’s Privatbank. Dawkins and Kalro discuss the court’s rejection of the Lugano Convention’s sole object test. They then look at the application of Lugano’s Article 28, which “permits a court to stay proceedings where related proceedings are pending in the courts of another member state.” Finally, the authors turn to Brexit and its impact on whether Britain will be able to provide opinions to the European Court of Justice “on matters referred to it by national courts” after leaving the European Union. The Lugano Convention, they note, “may offer an interesting back door for English courts to continue to influence this jurisprudence.”
To read the article in its entirety, please click here.