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Russian oil tycoon who sued Rothschild sees NY case overturned | Business and Economic News

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Sergey Bogdanchikov, who was born to drive the energy giant Rosneft from its humble roots, presented the case in New York last year. A judge ruled that the U.S. was the wrong forum for the case because most of the evidence, prosecution, and transactions were overseas.

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A New York oil judge has dismissed a lawsuit filed by a former Russian oil tycoon to recover half of the $ 150 million money lost from Edmond de Rothschild’s bank.

State Supreme Court Judge Joel Cohen on Thursday ruled that the U.S. was the wrong forum in the case because most of the evidence, prosecution and transactions were overseas.

Sergey Bogdanchikov, who was born to the son of a school teacher and a farm mechanic in the Russian steppe to drive the giant Rosneft energy at one time, filed a lawsuit in New York last year. The bank’s Luxembourg unit said he conspired with a couple in Brighton Beach and a Manhattan investment manager as his fortune swelled through quotas and coups while he hid behind the “brilliance and fame” of the Rothschild name. Riding on the case was an attraction for Swiss banks as the world’s safest depository of wealth.

In order to dismiss New York’s claims against the Brighton Beach couple, they must file a lawsuit within 14 days to show that they support the jurisdiction of the Luxembourg courts in Bogdanchikov’s case there, the judge said. If not, the case could be reopened in New York, he said.

The verdict means the couple is “now forced to face justice in Luxembourg,” Alexey Bogdanchikov, Sergey’s son and his spokesman, said in a statement, adding: “We will continue to demand full compensation from the Edmond de Rothschild Bank, however. for technical reasons. ‘

The bank has denied any wrongdoing, and a spokesman for Geneva’s Rothschild on Thursday declined to comment on the case’s dismissal. The couple’s attorney has also denied any wrongdoing, and has not commented on Cohen’s ruling Thursday. The investment manager settled with Bogdanchikov in September.

Case Fortinvest Investments Holding SA v. Vladimir Oblonsky et al., 655263/2020, is the Supreme Court of the State of New York, New York County (Manhattan).



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