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Otkritie wins $150 million civil fraud suit in London

Former employees of the Russian firm, including London-based George Urumov, and their associates are liable to pay the bank $150 million

Russian investment bank Otkritie, best-known in London for its direct market access to the Moscow Stock Exchange, has won a $150 million civil fraud trial it brought against a group of former employees and their associates.

Mr Justice Bernard Eder wrote in a judgement made public yesterday afternoon and seen by Financial News that Otkritie was subject to a "cunning and well-orchestrated fraud".

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