Tue, Jul
55 New Articles

Sorainen Successful for Polybius Foundation Against Claim for Refund Following Initial Coin Offering

Sorainen Successful for Polybius Foundation Against Claim for Refund Following Initial Coin Offering

  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Sorainen has successfully represented the Polybius Foundation, which had conducted an initial coin offering, in a dispute involving one of the buyers, Maksim Velitsko, who was attempting to force a reversal of his token purchase. 

According to Sorainen, “this was a landmark case, as the position of the courts is a further guidance for both the organizers of ICOs and parties wishing to buy tokens. The dispute began as Maksim Velitsko, who was disappointed that the value of the tokens had decreased, claimed his money back by first filing a bankruptcy petition to put pressure on Polybius Foundation. His claims were not successful and on April 13, 2020, the dispute was finally resolved when the Supreme Court dismissed his appeal in cassation, where he demanded the refund of the purchase price of the tokens from the Polybius Foundation. The dispute gave the company the opportunity to prove in courts that the innovative way of raising money was fair to token buyers.”

Sorainen’s team included Partner Reimo Hammerberg, Counsel Karl Kask, and Senior Associate Triin Toom.

Estonian Knowledge Partner

COBALT is closely integrated alliance of top-tier law offices in Estonia, Latvia, Lithuania and Belarus, making us one of the largest law firms in the Baltic market. 

COBALT is a trusted partner for daily matters and complex large-scale transactions and disputes. The firm’s broad spectrum of expertise and established position as the market leader give a comprehensive basis for providing advice on special areas of business law.

We advise top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 6 times. We were recognized as the Most Innovative Law Firm of the Year 2019 in the Baltics at the IFLR European Awards in London. COBALT also won CEE Legal Matters Deal of the Year Award for Estonia, Latvia, and Lithuania, as well as the overall Baltic Deal of the Year, at the 2019 CEE Legal Matters Awards. We have received multiple awards from the Chambers Europe, IFLR, The Lawyer and Mergermarket and we are regularly listed amongst the top performing M&A legal advisors in the Bloomberg, Thomson Reuters and Mergermarket deal tables

More information on Cobalt can be found at www.cobalt.legal

All News about Cobalt can be found here.


Our Latest Issue