Russian court orders seizure of JPMorgan Chase funds in VTB lawsuit [Globe and Mail, The (Toronto, Canada)]
JP Morgan Chase & Co. (JPM)
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Source: Globe and Mail, The
jpmorgan.ru domain. In a complaint filed in federal court in Manhattan earlier this month, JPMorgan described VTB's attempt to recover the money in Russia as a “blatant breach” of its agreement to have disputes addressed in New York. The largest U.S. bank said U.S. law prohibits it from releasing the $439.5 million, and VTB, Russia's second-largest bank, will try to seize its assets abroad if it prevails in the Russia lawsuit. It said VTB's prospects there were good, with Russian courts having granted at least six other Russian banks relief against U.S. and European banks that were required to comply with sanctions laws. Sign up for the Evening Update Newsletter. Get caught up on the day's most essential news with briefs selected by and written by Globe editors. Explore newsletters
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