Arbitration court partially satisfied investors’ first claim against Euroclear

The claim concerned the payment of income from frozen assets. It was presented by a group of 21 investors who demanded to recover coupon and dividend payments on the securities from the depositary.

The court partially satisfied the claims of 12 plaintiffs: the amount subject to recovery is not subject to payment under the Decree of the President of the Russian Federation No. 665. The court refused to collect part of the income payable under it decree, the publication states.

The court completely dismissed the other 9 plaintiffs, as some of them incorrectly indicated the amounts to be recovered or did not participate in the trial.

Investors filed a lawsuit against Euroclear in July 2023, the first of its kind. Initially, the amount of demands was 2 billion rubles, but was later reduced for various reasons.

In July, the court partially satisfied the private investors’ claim against Euroclear’s depositary. The amount of claims was 200 million rubles, but the court decided to recover only 3.3 million rubles.