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Banking Law Keyed to Malloy, 4th Ed.
Allen v. Russian Federation
Citation:
522 F. Supp. 2d 167 (2007)Facts
The plaintiffs were 43 holders or former holders of Yukos American Depository Receipts (ADRs) who alleged that the Russian Federation, acting in combination with senior Russian government officials and several Russian energy companies, expropriated Yukos beginning in 2003. Yukos was a successful Russian oil company that had begun competing with state-owned Gazprom and was planning to expand operations to supply oil to the United States. Plaintiffs alleged that the Russian Federation launched an assault on Yukos through five primary means: arresting Yukos’s owners, directors, and counsel; investigating Yukos and its affiliates; seizing Yukos stock; initiating tax proceedings and assessing excessive tax penalties; and auctioning Yukos’s most valuable asset, Yuganskneftegaz (YNG), to satisfy these tax assessments. YNG was ultimately acquired by Rosneft, a company indirectly owned by the Russian Federation. Plaintiffs claimed that these actions constituted expropriation without compensation, rendering their ADRs “effectively worthless.”
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