COBALT has successfully defended the interests of the Luxembourg-based bank East West United Bank S.A. in a EUR 44 million claim

Law firm COBALT has successfully represented the Luxembourg-based bank East West Bank S.A. and defended it in the civil case against AB Bank SNORAS for termination of contracts, refund and damages.

The case was being tried by Lithuanian courts of all instances which supported the position of COBALT that the dispute was not triable by Lithuanian courts and that the case should be heard by the courts in in Luxembourg.

East West United Bank S.A. is a Luxembourg bank specializing in private and business banking for over 40 years.

AB Bank SNORAS is a Lithuanian commercial bank that went bankrupt in 2011, which belonged to the financial group Konversbank, operating in all Baltic states.

COBALT drafted procedural documents and represented the client’s interests before the Lithuanian courts of all instances. The project was led by Partner Elijus Burgis and by Partner Paulius Markovas , who heads the Firm’s Bankruptcy and Restructuring Law practice group. The Attorney-at-Law Modestas Petrauskas was also involved in this project.