Investors demanded the recovery of 140 million rubles of losses from the Central Bank of the Russian Federation due to the suspension of trading at the Moscow Stock Exchange on February 24, 2022, when the special operation started. The plaintiffs are also asking the court to declare the Central Bank’s decision to halt trading invalid. In this respect reports RBC, citing a representative of the investors.
The case filed against the Central Bank is being considered at the Moscow Arbitration Court. RBC writes that the amount of losses is not final, since only six private investors have participated in the case so far.
According to a representative of the plaintiffs, due to the trading halt, investors were unable to close margin positions (transactions in which the investor receives a loan secured by a broker to purchase an asset). As a result, the plaintiffs incurred losses and debts to the brokers. According to the plaintiffs, if they had closed their positions, they would have suffered losses but would have been free from debt.
The Central Bank’s view is that claimants will suffer even greater losses and quotas will become more sensitive to fluctuations due to geopolitical risks. The regulator explained that what was stopped was an additional trading session and very few investors participated in it.
The court panel, which listened to the defenses of the parties, announced that the hearing was suspended until January 26, 2024.
Formerly Central Bank said “socialbites.ca” how not to give your money to a scammer instead of a broker.