Cobalt has successfully represented the interests of Vintage Holdings Limited in proceedings against the Isle of Man-based company initiated in Lithuanian courts by BAB Ukio Bankas and BUAB Ukio Bankas Investicine Grupe.
According to Cobalt, “the case involved extremely large monetary claims for both damages and the award of debt and interest. In a lawsuit filed by BAB Ukio Bankas, it claimed damages of more than EUR 14.515 million and interest exceeding EUR 4.361 million from Vintage Holdings Limited. BUAB Ukio Bankas Investicine Grupe claimed more than EUR 31.606 million in debt, interest and default interest from [Vintage Holdings].”
The Kaunas Regional Court and the Court of Appeal of Lithuania dismissed in their entirety both the claim of BAB Ukio Bankas and the claims filed by BUAB Ukio Bankas Investicine Grupe as unfounded. According to Cobalt, “the courts concluded that no damage had been caused to BAB Ukio Bankas and that no violations had been committed by Vintage Holdings Limited. The courts of first instance and appellate instance also ruled that BUAB Ukio Bankas Investicine Grupe has no right of claim against Vintage Holdings Limited for debt, interest and default interest.”
The Supreme Court of Lithuania upheld the decisions of the lower courts, putting an end to the case.
Cobalt’s team included Partner Marius Inta and Senior Associate Vaidas Kontrimas.