Deripaska has filed a lawsuit against Morgan Stanley


MOSCOW, November 3. The main owner of RUSAL, the world’s largest aluminum producer, Deripaska was filed in the Federal court of Manhattan the claim to American Bank holding company, Morgan Stanley, accusing him of loss on investments in the canadian automotive components manufacturer Magna International. Deripaska requires from the Bank damages in the amount of $15 to $25 million On it informs Agency Bloomberg with reference to lawyers Deripaska.

According to the data of lawyers of the Russian businessman, Morgan Stanley used insider information to buy Deripaska’s stake in Magna for a total amount of $1.5 billion to obtain illegal profits in trades on the stock market.

Court hearings on the case to Morgan Stanley in new York began on 2 November. The Bank was not involved in the transaction Deripaska, but knew about her from BNP Paribas, said in a lawsuit. The trial may last several weeks, the Agency said.

In 2007, the company “Russian machines”, part of “basic element” of Oleg Deripaska, acquired a 20% stake in Canada’s Magna for $1.5 billion For this transaction attracted a loan from BNP Paribas is secured by shares of Magna. In the autumn of 2008 Deripaska’s structures completely out of the investment in Magna by passing his stake to creditor banks in connection with the fall in stock prices.