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„Triniti Jurex“ represented UAB „Metruna“ – one of the largest scrap metal resellers on Lithuanian market and abroad in courts in the case concerning AB Swedbank civil liability for improper servicing of a Letter of Credit.
„Triniti Jurex“ helped the client to establish grounds for Swedbank’s civil liability, establish amount of client’s incurred damages as a result of unlawful actions by Swedbank, and collect, prepare, and file all necessary documents before the court.
As a result of„Triniti Jurex“ help, Supreme Court of Lithuania held Swedbank liable for failure to comply with its obligations and Court of Appeal of Lithuanian awarded the client compensation for clients’ damages (96 % of the total amount of damages claimed).
This case was extraordinary complex, unique and significant, because it was related to the regulation of Letters of Credit (both under Lithuanian law and the UCP 600 rules), as well as performing proper AML/CTF procedures by professional bank. „Triniti Jurex“ had to review the regulation and international practice in the above-mentioned areas, as the Lithuanian civil courts had not yet dealt with any issues in this respect. The team also had to refer to the USA sanctions imposed over Iran and to determine the final beneficiaries of a scrap metal purchase sale transaction.
The case itself concerned compensation of the damages in the amount approx. EUR 90,000, however, legal relations between claimant and defendant, where dispute arose, were related to a much bigger value (approx. USD 15,000,000)
This case was the first case concerning issues of Letter of Credit held before Supreme Court of Lithuania.