Three massive Am Regulation companies representing Russian banks that had been sanctioned following Russia’s invasion of Ukraine—White & Case, Debevoise & Plimpton and Latham & Watkins—will have the ability to withdraw from the case offered that substitute counsel file notices of look this month.
White & Case and Debevoise & Plimpton had been granted permission to withdraw offered that substitute counsel file a discover of look by June 24. Latham & Watkins, which already missed one deadline to get substitute counsel to file an look discover, has been given till June 15 .
The three companies signify two separate Russian banks in a lawsuit that revolves across the 2014 downing of Malaysia Airways Flight 17 in Ukraine. The mother and father of an American who was one in all 298 individuals killed after the airplane was shot down are suing the banks, alleging they helped fund these chargeable for the assault. The defendants have denied the claims.
White & Case and Debevoise & Plimpton, which signify Sberbank, had been making an attempt to extricate themselves from the lawsuit for a while. In March, Sberbank filed a movement asking that the court docket keep motion within the case, explaining that its legal professionals from White & Case and Debevoise & Plimpton meant to finish their relationship with the financial institution and had been “actively in search of substitute counsel to signify Sberbank on this motion .”
Latham & Watkins, which represents VTB Financial institution, additionally has been making an attempt to get the court docket to launch it from the case. In early Might, US Justice of the Peace Decide Gabriel Gorenstein gave it permission to withdraw if substitute counsel for VTB Financial institution file a discover of look by June 2. That date handed with none discover of look being filed.
However final week, Latham & Watkins requested the choose to increase the deadline till June 15. Latham & Watkins’ legal professionals advised the court docket that VTB Financial institution had come to an settlement in precept with legal professionals on the New York boutique protection agency Brafman & Associates, however that the sanctions imposed have prompted delays.
“As a result of present Russia-related sanctions regime in the US, the logistics of finalizing the engagement are taking longer than anticipated,” Latham & Watkins’ legal professionals wrote. “However VTB anticipates this course of to be concluded shortly.”
The choose agreed to the extension however warned that he is not going to grant future extensions with out a sworn assertion from these concerned detailing efforts to rent a brand new legal professional.
The Brafman & Associates legal professionals who’re anticipated to seem for VTB Financial institution are legal protection lawyer Marc Agnifilo and Zach Intrater. Agnifilo has represented many high-profile purchasers, together with former pharmaceutical government Martin Shkreli, who was convicted of defrauding buyers; disgraced Hollywood producer Harvey Weinstein; and former Worldwide Financial Fund chief Dominique Strauss-Kahn, who was cleared of all expenses associated to a number of sexual scandals. Extra lately, he, together with Intrater, represented former Goldman Sachs banker Roger Ng, who was convicted of fraud in a trial associated to the 1MDB scandal.
Ever since Russia invaded Ukraine and nations started imposing sanctions, it has develop into clear that dropping a Russian shopper in ongoing litigation is just not simple.
Freshfields Bruckhaus Deringer has submitted a request to the US District Court docket in Washington, DC, in a unique case, asking that it enable one other lawyer to take over its illustration of VEB Financial institution—one other sanctioned financial institution tied to the Russian state. It’s offered the identify of a lawyer as substitute counsel, however that lawyer, who is predicated in Connecticut, has not but been admitted in Washington and has not submitted a discover of look.
And in March, a British Virgin Islands court docket refused to grant offshore legislation agency Ogier permission to withdraw from its illustration of VTB Financial institution. The choose in that case famously advised Ogier that “even pariahs have rights.”
