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The High Court in London has rendered its judgment in Citigroup, Inc.'s claim against Cyprus-based commodities trader Mercuria Energy Group Limited for early repayment of a US$270 loan extended under a repurchase agreement inked in May 2013. The court has found in Mercuria's favor.
"The judgment is a very positive one for Mercuria and clearly vindicates the position they have taken since the start of the case," says Peter Bennett, partner at Stephenson Harwood LLP, which acted for Mercuria in Mercuria Energy Trading Pte Ltd & Anr versus Citibank N.A & Anr.
The key issue in this case was whether Citi are entitled to payment of some US$270 million from Mercuria in relation to warehouse receipts delivered by Citi on 22 July 2014.
Mercuria alleged that the New York-based...