Western Banks act to halt Yukos bankruptcy case in Houston

Jan 13, 2005 01:00 AM

Bracewell & Patterson, a US-based law firm, has filed an appeal to dismiss a bankruptcy claim filed by embattled oil major Yukos with a Texas court. A consortium of western banks filed the appeal on grounds that allegations of corruption in Russia are not a basis for a court claim in the United States.
The consortium joins BNP Paribas, J.P. Morgan, Dresdner Kleinwort, and Wasserstein.

Deutsche Bank, which has acted as a consultant for Russian officials prosecuting the Yukos case, did not join the consortium. Earlier, Deutsche Bank filed an appeal against the Houston court taking up the bankruptcy case, arguing that a Russian oil company could not be tried under Texas jurisdiction.
The consortium's legal aides say that allegations of a corrupt legal system in Russia are not grounds enough for a court case in the United States. Bracewell & Patterson, meanwhile, cited legal precedents under which such cases were dismissed.

Source: MosNews
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