Nexo AG Seeks $3 Billion in Damages from Bulgaria
Crypto lending platform Nexo AG has filed an arbitration claim of over $3 billion against Bulgaria, alleging that a politically motivated investigation caused significant losses and damage to its reputation.
Details About The Lawsuit
The claim was submitted to the Secretariat of the World Bank’s International Centre for Settlement of Investment Disputes in Washington, with Nexo being represented by US law firm Pillsbury Winthrop Shaw Pittman LLP.
Allegations Lodged
Nexo argued that the investigation was politically driven and led to charges against four individuals, which were later dropped in December due to a lack of evidence of criminal behavior. The company claims the investigation negatively impacted its business opportunities and brand reputation, and is seeking compensation through the arbitration process.
Nexo’s legal representation, Pillsbury Winthrop Shaw Pittman LLP, will navigate the complexities of international arbitration to establish the merit of Nexo’s claims.
Hot Take
The case is ongoing after Nexo’s bold move to file a $3 billion arbitration claim against the State of Bulgaria.
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