After winning the case at the Court of the first instance our team has successfully defended a former CEO of the oil trading company at the Court of Appeal of Lithuania against the 1.5 million USD damage claim brought by the company it used to manage. The plaintiff in the case was part of one of the largest groups of companies in the Baltic States.
The case at hand involved the legal issues of whether the former CEO of the company should bear the loses suffered by the company. Although the plaintiff argued that our client took too great a risk while entering into a certain transaction, our team managed to present the evidence related to the claim that the unsuccessful transaction was one among many ordinary transactions in the course of oil trading business and the risk taken by our client was not higher in comparison to other deals concluded by the company. This led to the approval of the judgment of the Court of the first instance which was rendered in favor of our Client.
The decision in the case indemnifies the client from compensating 1.5 million USD damages suffered by the plaintiff as well as states that the client acted in full compliance with the duties of the CEO of the company.