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CPI PROPERTY GROUP – New York Litigation Dismissed by the U.S. Court of Appeals

·3-min read

DGAP-News: CPI PROPERTY GROUP / Key word(s): Legal Matter
CPI PROPERTY GROUP – New York Litigation Dismissed by the U.S. Court of Appeals
01.09.2022 / 18:29 CET/CEST
The issuer is solely responsible for the content of this announcement.

CPI Property Group

(société anonyme)

40, rue de la Vallée

L-2661 Luxembourg

R.C.S. Luxembourg: B 102 254

           

Press Release - Corporate News

 

Luxembourg, 1 September 2022

 

CPI PROPERTY GROUP – New York Litigation Dismissed by the U.S. Court of Appeals

 

CPI PROPERTY GROUP (“CPIPG”) is pleased to update our stakeholders regarding the summary order of the United States Court of Appeals for the Second Circuit (the “Court of Appeals”), which affirms in total the judgement of the United States District Court for the Southern District of New York (the “SDNY Court”), dismissing the lawsuit filed in April 2019 against CPIPG, Radovan Vitek (the “CPIPG Defendants”), and other parties.

 

“From day one, CPIPG said the lawsuit had no merit,” said Martin Nemecek, CEO. “We are delighted with today’s decision. Justice was served.”

 

The lawsuit concerned a group of Kingstown companies, Investhold LTD and Verali Limited (together, the “Kingstown Plaintiffs”) who filed a claim against the CPIPG Defendants and other parties alleging violations of the Racketeer Influenced and Corrupt Organizations Act (“RICO”) in the United States.

 

On 4 September 2020, the SDNY Court dismissed the claims against all defendants and directed the clerk of court to close the case. In dismissing the lawsuit, the SDNY Court ruled that Luxembourg was an adequate forum for resolution of the Kingstown Plaintiffs’ claim and referenced the substantial similarities to a lawsuit filed in Luxembourg by Kingstown in 2015, from which CPIPG was dismissed in June 2019. 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.”

 

Today, the Court of Appeals issued a summary order affirming the judgement of the SDNY Court. The Court of Appeals considered the Kingstown Plaintiffs’ arguments and found them without merit. CPIPG was represented by Michael Hefter and Seth Cohen of Hogan Lovells US LLP. Mr. Cohen argued the appeal.

 

“The Hogan Lovells team provided excellent and professional defence during all stages of the litigation,” said Martin Matula, General Counsel. “CPIPG will always defend our hard-earned reputation against baseless threats and claims.”

 

For further information please contact:

 

David Greenbaum

Chief Financial Officer
d.greenbaum@cpipg.com

 

Moritz Mayer

Manager, Capital Markets

m.mayer@cpipg.com

 

For more on CPI Property Group, visit our website: www.cpipg.com

Follow us on Twitter (CPIPG_SA) and LinkedIn


01.09.2022 CET/CEST Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

CPI PROPERTY GROUP

40, rue de la Vallée

L-2661 Luxembourg

Luxemburg

Phone:

+352 264 767 1

Fax:

+352 264 767 67

E-mail:

contact@cpipg.com

Internet:

www.cpipg.com

ISIN:

LU0251710041

WKN:

A0JL4D

Listed:

Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Dusseldorf, Stuttgart

EQS News ID:

1433793


 

End of News

DGAP News Service

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