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US court rejects $750M lawsuit against Sberbank

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.