Court reinstates order for Russia to pay $50 bln over Yukos
Legal Compliance News
In a major legal defeat for the Russian government, a Dutch appeals court on Tuesday reinstated an international arbitration panel’s order that it should pay $50 billion compensation to shareholders in former oil company Yukos.
The ruling overturned a 2016 decision by The Hague District Court that quashed the compensation order on the grounds that the arbitration panel did not have jurisdiction because the case was based on an energy treaty that Russia had signed but not ratified.
The Hague Court of Appeal ruled that the 2016 decision “was not correct. That means that the arbitration order is in force again.”
“This is a victory for the rule of law. The independent courts of a democracy have shown their integrity and served justice. A brutal kleptocracy has been held to account,” Tim Osborne, the chief executive of GML, a company made up of Yukos shareholders, said in a statement.
The Russian Justice Ministry said in a statement after the verdict that Russia will appeal. It charged that the Hague appeals court “failed to take into account the illegitimate use by former Yukos shareholders of the Energy Charter Treaty that wasn’t ratified by the Russian federation.”
The arbitration panel had ruled that Moscow seized control of Yukos in 2003 by hammering the company with massive tax claims. The move was seen as an attempt to silence Yukos CEO Mikhail Khodorkovsky, a vocal critic of President Vladimir Putin.
The 2014 arbitration ruling said that Russia was not acting in good faith when it levied the massive claims against Yukos, even though some of the company’s tax arrangements might have been questionable.
Related listings
-
Court: Airline’s workers can’t sue as class in pay dispute
Legal Compliance News 12/21/2019American Airlines workers at Newark’s airport who claim in a lawsuit they’ve been shorted on overtime pay can’t sue as a class, a federal appeals court ruled this week.The three-judge panel’s decision published Tuesday reverse...
-
Dutch Supreme Court asked to clarify euthanasia case
Legal Compliance News 09/30/2019Prosecutors have asked the Netherlands' Supreme Court to clarify legal matters in a landmark euthanasia case, saying Thursday they want to lay down unambiguous jurisprudence for the future.The Public Prosecution Service said by instituting "cassation...
-
Democratic governor getting to shape Kansas' top court
Legal Compliance News 07/29/2019The Kansas Supreme Court's chief justice plans to retire before the end of the year, allowing first-year Democratic Gov. Laura Kelly to leave a bigger mark on the state's highest court than her conservative Republican predecessors.Chief Justice Lawto...
How do you qualify for workers compensation in Illinois?
The Workers’ Compensation Statute protects every employee in the State of Illinois.
A victim of a work-related injury or illness is eligible for many forms of compensation including reasonable medical care required to cure or relieve the impact of the injury, lost time from work, and any temporary or permanent disability.
Illinois Workers’ compensation is a system of benefits that:
– Pays for the medical treatment and medical bills incurred by work-related injuries and illnesses.
– Pays for the lost time from work
– Pays for any temporary or permanent disabilities
– Covers nearly every employee in Illinois
– and begins the very first day that you start working for your employer.
Employers in Illinois are required to purchase workers’ compensation insurance for their employees and the insurance companies fund the payment of worker’s compensation benefits for employees’ claims. In the event of a dispute, the Illinois Workers’ Compensation Commission (IWCC, or the Commission) enforces the state’s worker’s compensation laws and protects worker rights.