The U.S. District Court for the Southern District of New York rejected a $750 million lawsuit launched by PPF Management LLC against PAO Sberbank of Russia, its CEO Herman Gref and a number of other individuals over an alleged takeover of crushed granite producer Pavlovskgranit, the TASS news agency reported Feb. 28.
The court said the matter was outside its jurisdiction, a spokesman for the bank said.
Delaware-registered PPF Management launched the lawsuit in November 2016 on behalf of Sergei Poimanov and Irina Podgornaya, who earlier held a controlling stake in Pavlovskgranit. At the time, the company asked for compensation amounting to $500 million for material damages and $250 million for moral damages, claiming that the defendants wanted to destroy the company as a market competitor and take over its assets.
