Adam Polemis and his family have suffered another defeat in their long running battle to recover huge losses incurred by speculative investments made through the Chase Manhattan Bank.
A claim for more than $700m damages brought by Springwell Navigation, the treasury company of the Polemis shipowning family has failed in a London appeal court.
Lord Justices Rix, Rimer and Aikens rejected an appeal based on Polemis’ view that Chase bond salesman Justin Atkinson had made specific misrepresentations of the nature of Russian Gosudarstvenniye Kratkosrochniye Beskuponniye Obligatsio (GKO) bonds that were a popular emerging market investment in the 1990s.
Polemis
