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Proceedings in leading steel company's $28 mln lawsuit suspended

16:34 16/01/2012

ST.PETERSBURG, January 16 - RAPSI. A regional commercial court has suspended its proceedings in Severstal's lawsuit against the North-Western Interregional Distribution Network Company and Vologda Distribution Company to recover $28 million in unjust enrichment, the court records say.

The process was suspended before the court resolves Severstal's lawsuit against the Federal Grid Company of the Unified Energy System to quash a power network facilities lease agreement dated August 19, 2001.

Severstal wants the court to prohibit the company from applying the agreement to the parties' actions dated earlier than July 1, 2008.

The Moscow Commercial Court will hold its first hearing in this case on January 19.

The Vologda Regional Commercial Court has suspended the proceedings, as a judicial act in the lawsuit may affect the case. If the lease agreement is deemed partially invalid, it will confirm that the claims for unjust enrichment are reasonable.

Severstal is a major vertically integrated steel and mining company.

The North-Western Interregional Distribution Network Company comprises grid companies and is responsible for overhead and underground power transmission lines over 169,000 km long.

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Proceedings in leading steel company's $28 mln lawsuit suspended

16:34 16/01/2012 A regional commercial court has suspended its proceedings in Severstal's lawsuit against the North-Western Interregional Distribution Network Company and Vologda Distribution Company to recover $28 million in unjust enrichment.
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