ZEK Wins Dismissal of $400 Million Lawsuit Against Macedonian Bank
Demonstrating the worldwide reach of ZEK’s practice and client base, Mark Zeichner, Yoav M. Griver, and Theodora D. Vasilatos of the firm recently successfully represented Stopanska Banka Ad-Skopje, a Macedonian Bank, in a high stakes case where plaintiff sought compensatory damages of $400,000,000, along with punitive damages, attorneys’ fees and costs for breach of contract, negligence, and negligent misrepresentation.
On June 17, 2013, the New York Commercial Division court (Bransten, J.) granted a Motion to Dismiss filed by ZEK. The Court agreed with ZEK that there was no evidence that Stopanska is “doing business” in New York by virtue of its New York correspondent accounts, and the proper place for this litigation was the Former Yugoslav Republic of Madedonia. The court dismissed the complaint with prejudice on the grounds that it lacked subject matter jurisdiction under Business Corporation Law §1314; lacked personal jurisdiction under CPLR 301; and that the New York lawsuit was barred on res judicata grounds.