Russian tycoons Oleg Deripaska and Michael Cherney have settled their £1bn legal dispute just days before the case was due to restart at London's High Court. After six years and millions of pounds in legal fees, the case has been dropped. Mr Cherney first started proceedings against Mr Deripaska, a man he claims was his former business partner. No details of the settlement have been released.
Mr Cherney had been due to testify via a video feed from Israel. He was unable to appear in person in the UK as he is wanted for questioning by Interpol.
The case promised to shed a light on business practices in Russia in the 1980s and 1990s. Mr Deripaska had claimed he was the victim of “krysha”, or protection money, extorted by Mr Cherney. This was rejected by Mr Cherney, who claimed the pair had a legitimate business relationship.
http://www.telegraph.co.uk/finance/financial-crime/9572553/Oleg-Deripaska-and-Michael-Cherney-settle-1bn-legal-row.html
http://www.guardian.co.uk/world/2012/sep/27/deripaska-cherney-surprise-deal
http://www.bloomberg.com/news/2012-09-27/deripaska-settles-cherney-s-london-lawsuit-over-rusal-stake.html
http://www.telegraph.co.uk/finance/financial-crime/9572553/Oleg-Deripaska-and-Michael-Cherney-settle-1bn-legal-row.html
http://www.guardian.co.uk/world/2012/sep/27/deripaska-cherney-surprise-deal
http://www.bloomberg.com/news/2012-09-27/deripaska-settles-cherney-s-london-lawsuit-over-rusal-stake.html
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