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LONDON - JPMorgan Emerging Europe, Middle East & Africa Securities PLC (JEMA) and eight other J.P. Morgan legal entities have been named as defendants in a new lawsuit filed by Russia’s VTB Bank PJSC. The claim, lodged on March 20, 2025, in the Arbitration Court of Saint Petersburg and Leningrad Region, seeks damages amounting to €108.6 million related to the early termination of transactions under a 2015 agreement.
VTB’s legal action pertains to an ISDA Master Agreement dated June 18, 2015, between J.P. Morgan Securities plc and VTB. The Russian bank is also seeking an injunction to prevent the defendants from obtaining anti-suit injunctive relief that would interfere with the Russian claim. The developments are being closely monitored by JPMorgan’s management.
Eric Sanderson, Chairman of JEMA, expressed concern over the impact of the new claim on the potential recovery of the company’s Russian assets, noting that the Russian court has permitted VTB to include both JEMA and the eight J.P. Morgan entities in their lawsuit.
The legal disputes with VTB Bank have previously seen the Russian institution filing three lawsuits claiming sums of $439 million, $81.3 million, and $74.5 million against the J.P. Morgan entities. The outcome of these ongoing legal proceedings remains uncertain, with the Board of JEMA committed to updating stakeholders once a court decision has been reached.
Further information regarding the company’s announcements can be found on the London Stock Exchange (LON:LSEG) website and JEMA’s corporate website. This news is based on a press release statement provided by RNS, the news service of the London Stock Exchange.
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