The court rejected the class action lawsuit of investors against the Bank of Russia for the suspension of operations on the Moscow Stock Exchange on February 24, 2022. The investors asked that the decision of the Central Bank be recognized as illegal, since due to the Suspension of operations during the market collapse suffered losses estimated at 140 million rubles.
Join
The arbitration court refused to recognize as illegal the action and decision of the Central Bank to suspend operations on the Moscow Stock Exchange on February 24, 2022. This is stated in the case file.
In April 2023, investors filed a class-action lawsuit against the Bank of Russia demanding that the regulator’s measures to suspend operations be declared illegal. The lawsuit claimed that when the stock market collapsed and trading on the Moscow Stock Exchange stopped, they suffered losses estimated at 140 million rubles.
On February 24, 2022, the largest collapse of the Russian stock market in history occurred. The Moscow Stock Exchange index fell by more than 45% and the RTS index by 50%. Due to the increase in volatility, the Central Bank ordered the suspension of operations, which did not occur until after about three hours.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
