Latvian Bank’s victory in 5 LCIA arbitrations worth 70 million EUR

Our arbitration team has successfully represented a major Latvian Bank in 5 LCIA multimillion arbitrations under English law against its shareholders located in France, Switzerland, and other jurisdictions, who failed to honour their obligations to contribute fresh tier 1 capital and make other payments to the Bank.

All five claims filed by our team were satisfied in their entirety. Procedurally, the case is one of the first LCIA cases (they were filed the next day after the 2020 LCIA Rules’ entry into force) where the claimant took advantage of the new LCIA Rules allowing for more flexible arrangements surrounding the concurrent hearing of multiple claims.