A group of investors filed a class action lawsuit against the Bank of Russia over the suspension of trading on the Moscow Stock Exchange in February 2022. They demand that the Central Bank’s orders to suspend trading activity be recognized as illegal. On February 24, 2022, the day the SVO began, the Moscow Stock Exchange index plummeted by 45%.
The Moscow Arbitration Court registered a lawsuit by 16 private investors against the Bank of Russia, RBC drew attention. The plaintiffs demand that the Central Bank’s orders to suspend and resume operations on the Moscow Stock Exchange on February 24, 2022 be declared illegal.
The ruling on the acceptance of the statement of claim states that the plaintiffs demand that the Central Bank’s orders to suspend operations at 07:52 Moscow time and resume them at 09:50 Moscow time be declared illegal. Also in the lawsuit, investors accuse the Central Bank of inaction.
The third parties involved were the Moscow Stock Exchange and the National Clearing Center. The court scheduled a preliminary hearing in the case for Nov. 27.
On February 24, a Russian special military operation began in Ukraine. That day, the Moscow Stock Exchange index fell 45%, which was the largest drop in the Russian stock market in its entire history. On February 28, the Bank of Russia ordered the cessation of operations on the Moscow Stock Exchange, which did not resume until March 21.
Author:
Kirill Bilyk
Source: RB
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