financetom
Business
financetom
/
Business
/
Russian court orders seizure of $155.8 mln in JPMorgan Chase funds in VTB lawsuit
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Russian court orders seizure of $155.8 mln in JPMorgan Chase funds in VTB lawsuit
Oct 11, 2024 3:53 AM

MOSCOW, Oct 11 (Reuters) - A Russian court has ordered

the seizure of funds in JPMorgan Chase ( JPM ) bank accounts in

Russia totalling $155.8 million, court filings showed, as

state-owned Russian bank VTB seeks damages over funds

blocked abroad.

The seizure was imposed on funds in any currency on all

JPMorgan ( JPM ) bank accounts, except those held in so-called type C

accounts which cannot be transferred out of Russia, the filings

from the St Petersburg Arbitration Court showed.

The cases were lodged on Oct. 7, the filings showed. VTB is

seeking damages from nine defendants related to JPMorgan ( JPM ),

including its Russian subsidiary JPMorgan International.

JPMorgan ( JPM ) and VTB did not immediately respond to requests for

comment.

JPMorgan ( JPM ), the largest U.S. bank, has said previously that

the value of claims against it and orders to freeze its assets

is greater than its available assets in Russia.

It has not specified the amount of those assets and has said

that U.S. sanctions prohibit it from releasing funds.

JPMorgan ( JPM ) in August asked a U.S. judge in Manhattan to

dismiss its lawsuit against VTB over a $439.5 million account

frozen after Russia sent troops into Ukraine in February 2022,

saying VTB "coerced" it into requesting the dismissal.

(Reporting by Elena Fabrichnaya and Alexander Marrow; editing

by Emelia Sithole-Matarise)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Why Paramount Global Shares Are Gaining Today
Why Paramount Global Shares Are Gaining Today
Apr 19, 2024
Paramount Global ( PARAA ) shares are trading higher following reports that suggest Sony Group Corporation ( SONY ) is in talks with Apollo Global Management, Inc. ( APO )  to enter a bid for the company. The companies haven’t yet approached Paramount, which is currently in exclusive deal negotiations with Skydance Media, led by David Ellison, Reuters reported, citing a person familiar with the matter.  However, the report indicates that...
Progress Software Proposes Acquiring MariaDB for $40.6 Million
Progress Software Proposes Acquiring MariaDB for $40.6 Million
Apr 19, 2024
09:58 AM EDT, 04/19/2024 (MT Newswires) -- Progress Software ( PRGS ) said Friday that it is considering an offer to acquire all of the debt and share capital of MariaDB ( MRDB ) for $0.60 per share in cash. The potential offer values MariaDB's ( MRDB ) entire issued ordinary share capital at approximately $40.6 million. The company said...
Looking At MicroStrategy's Recent Unusual Options Activity
Looking At MicroStrategy's Recent Unusual Options Activity
Apr 19, 2024
Deep-pocketed investors have adopted a bullish approach towards MicroStrategy ( MSTR ) , and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MSTR usually suggests something big is about to happen. We gleaned this information from...
Why SPAC Redwoods Acquisition Shares Are Skyrocketing Friday?
Why SPAC Redwoods Acquisition Shares Are Skyrocketing Friday?
Apr 19, 2024
Redwoods Acquisition Corp. ( RWOD ) shares traded higher on Friday after the company announced that shareholders had approved its merger agreement with Anew Medical. Following the consummation of the transactions, Redwoods will change its name to Anew Medical, the company said in an exchange filing (April 18). On May 30, 2023, Redwoods Acquisition ( RWOD ) entered into a business combination agreement with Anew Medical...
Copyright 2023-2026 - www.financetom.com All Rights Reserved