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CENTRAL EUROPE Kingstown case against CPI collapses again

Legal
The United States Court of Appeals for the Second Circuit has upheld the judgement of the United States District Court for the Southern District of New York (SDNY) to dismiss the lawsuit filed in April 2019 by ‘Kingstown Plaintiffs’ against CPIPG, its majority owner Radovan Vítek and other involved parties.

The lawsuit was brought by a group of Kingstown subsidiaries, Investhold LTD and Verali Limited, and relates to Prague-based real estate investor CPI’s 2013/14 takeover of Orco. These companies, which had been shareholders of Orco, alleged that CPI had violated the Racketeer Influenced and Corrupt Organizations Act (‘RICO’) in the United States during the acquisition.

In September 2020, the SDNY Court dismissed the claims against all defendants and directed the clerk of court to close the case, ruling that a similar case brought by them in Luxembourg in 2015 that was also thrown out was conducted in adequate forum for plantiffs’ claim. The SDNY Court also indicated that the lawsuit “bears indicia of forum shopping,” and that “the salient difference between the two suits is the potential for treble damages under the RICO statute” which “is not a legitimate reason for choosing this particular venue.”

“From day one, CPIPG said the lawsuit had no merit. We are delighted with today’s decision,” declared Martin Němeček, the CEO of CPIPG.

CPIPG was represented by Michael Hefter and Seth Cohen of Hogan Lovells US LLP during the legal process.

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