16 July 2014
Associates of the Firm defend a client’s interests in the Supreme Court in a dispute with MDM Bank

Associates of Egorov Puginsky Afanasiev & Partners have succeeded in defending a client’s interests in the Supreme Court and in negotiations with the bank, reaching a settlement agreement for the client’s benefit.

In January 2011, about 11 million rubles were stolen from the client’s account opened with the St. Petersburg Branch of MDM Bank under forged powers of attorney. After a number of lengthy litigations in the St. Petersburg general jurisdiction courts in the client’s claim, the case was taken up by the cassation authority of the civil division of the Russian Supreme Court.

On July 15, 2014, the cassation authority of the Russian Supreme Court approved the settlement agreement between the Bank and its client, under which the client had the amount of the deposit, the interest payable, as well as the а litigation costs, which satisfied the client’s claims in full.

This is a precedent-setting case, since the proceedings addressed the Russian law “On Consumer Rights Protection” as applied to the bank deposit relations and the Bank’s no-fault liability; as well as entering into a settlement agreement in the cassation authority of the Russian Supreme Court.

Egorov Puginsky Afanasiev & Partners Counsel Ilya Tur and Natalia Kuznetsova, the Head of Tax Practice Igor Schikow, Senior Associate Sergey Korolev, Senior Associate Oleg Koyda and Associate Oleg Buiko were involved in the project. The Firm’s Partner Valery Eremenko represented the Client in the Supreme Court.

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