We have won! REVERA prevailed in a million-worth action to the benefit of its client
Owing to REVERA lawyers, our client has fully recovered his damages from the loss of property in custody.
A corporate entity has transferred an agricultural product worth ca. 1 mln dollars for keeping.
When return was demanded, the custodian asserted that the storage fees (ca. 1% of property value) shall be paid and a payment under another agreement shall be effected, although it was not mature.
Shortly afterwards, this professional custodian sold all the property in custody to third parties, allegedly because of the threat of its being damaged by grain insects. In doing so, the custodian appropriated all sale proceeds, without any reduction of depositor’s debt. When required to return the property, the custodian continued to claim its right of lien and also claimed that he would return the property (depositing had been made on exoneration terms) only after the depositor has fully discharged its obligations.
The court has fully satisfied the depositor’s claim seeking the recovery of damages equal to the value of the agricultural product in custody, and pronounced that the custodian’s claims of the right of lien are inadequate.
Moreover, our lawyers succeeded in convincing the court that the damages must be determined on the basis of grain value as of the date of filing, when the value of the grain was maximal.
Principal’s interests at all stages of the proceeding were represented by REVERA partner Alexander Goretsky and lawyer Piotr Griniuk.