Our Dispute Resolution team represented a major Lithuanian group of companies with a yearly turnover exceeding 3 billion EUR in damage litigation. Between 2015 and 2016, our client acquired the largest shopping centre lease company in the Baltic States. The deal was hindered by one of the shareholders of the seller, a Maltese company. The client claimed compensation for the damages it suffered, as the price of the deal increased due to the interruption. The actions of the defendant, which constituted the basis of the claim, were part of a broader attempt to put pressure on the client.
The Supreme Court rendered a historical decision, subsequently forming a new case law. It stated that the party that suffered damages due to a groundless application of interim measures could claim for compensation irrespective of the outcome of the case initiated by the opposing party.
This recent court judgment sends a clear message to the market to double check the plans to ask for the application of interim measures since groundless application of certain restrictions could result in a duty to compensate the damages of the opposing party.