Word: surgut
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Harvard’s claim stated that Surgut owed at least $3.7 million to the University...
According to the claim, Surgut reached its lower net profit by subtracting the firm’s capital investment from its revenues. Last summer, Surgut said that such a deduction is legal in Russia...
...June, Harvard asked to have its claim arbitrated as a class action on behalf of all holders of ADRs for preferred Surgut stock...
...Robert A. Skinner of Ropes & Gray, a lawyer representing Harvard in the dispute with Surgut, said last week that the University is the only shareholder involved at the moment...
Skinner said that Surgut is challenging Harvard’s right to demand arbitration from the AAA and is asking a federal court in New York to stay the arbitration. Harvard claims that the terms of the ADRs allow arbitration through the AAA, according to a statement from Sowood...