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US shareholders sue Russia, oil companies over Yukos sale

[JURIST] American shareholders of Russian oil company Yukos [corporate website; JURIST news archive] have filed a civil lawsuit against the Russian government and several Russian oil companies for allegedly conspiring to renationalize Yukos without compensating its owners, the Financial News reported [subscription required] Tuesday. The complaint, filed in a Washington, DC district court, claims that the defendants violated US securities laws by falsely assuring the public that the Russian government would not renationalize Yukos. The suit also alleges that the 12 plaintiffs, holders of Yukos American Depositary Receipts, lost $3 million as a result of Yukos' takeover. While not the first lawsuit brought by shareholders [JURIST report; additional JURIST report] of Yukos, the US shareholders want to set a precedent by holding the Russian government and oil companies responsible for violating rights of shareholders protected under US securities law. Mosnews has more.

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Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

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