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November 2007
On 29 November the Supreme Court of Bermuda validated a master settlement agreement between IPOC International Growth Fund Limited and LV Finance Group Limited and others, bringing to an end a series of disputes relating to the Russian telecoms company, Megafon, and the ownership of shares in the company which had previously been sold by LV to CT-Mobile (a company ultimately controlled by Russian financial-industrial conglomerate, Alfa Group).
Lovells litigation partner Chris Hardman led the team advising Alfa with David Kessaram, head of litigation at CHW, advising in relation to Bermuda law matters. SJ Berwin acted on behalf of LV with IPOC being advised by Winston & Strawn and Freshfields advising CT.
The settlement ends a dispute worth over US$2 billion involving arbitrations in Zurich and Geneva and related actions in Bermuda, the British Virgin Islands and elsewhere. The actions started in September 2003 and attracted significant international press attention.
For further information please contact David Kessaram on 001 441 294 1504 or email dkessaram@chw.com
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