Eversheds Sutherland Bitans has successfully represented the Latvian Privatization Agency and its subsidiaries in litigation against former Parex Bank shareholders. The agency was awarded EUR 124 million in damages and EUR 600,000 in legal expenses, after proceedings extending over ten years.
On May 18, 2021, the Latvian Senate decided against initiating an appeal-on-point-of-law in the matter. Thus the January 25, 2021 verdict of the Latgale Regional Court came into force, compelling former Parex Bank shareholders Valerijs Kargins and Viktors Krasovickis to reimburse the Latvian Privatization Agency for public funds invested in rescuing the bank.
According to Eversheds Sutherland, "the Senate decided that there were no reasons to conclude that the outcome of the judgment under appeal was manifestly incorrect or that the case would be significant to ensuring uniform case-law or development of case-law."
The Eversheds Sutherland team was lead by Partners Agris Bitans and Ginta Krukle.