JPMorgan Emerging EMEA Securities (JEMA) has issued an update in relation to the Russian court order that has been provided by JEMA’s investment manager:

“As previously notified, VTB Bank filed a lawsuit against eight J.P. Morgan legal entities and JPMorgan Emerging Europe, Middle East & Africa Securities plc (JEMA) on 17th April 2024 in Russia seeking to recover $439.5 million held with J.P. Morgan in New York. At the main hearing on 16th October 2024, the Russian court awarded judgment against J.P. Morgan. J.P. Morgan appealed this decision, and the Russian court has scheduled the appeal hearing for 26th February 2025.  No seizure of J.P. Morgan’s assets under the judgment can take place prior to the appeal hearing.

“In the two lawsuits filed by VTB Bank in Russia claiming $81.3 million and $74.5 million against the same eight J.P. Morgan legal entities and JPMorgan Emerging Europe, Middle East & Africa Securities plc (JEMA) that are defendants in the above-mentioned claim, the preliminary hearings were postponed to 15^th January 2025 and 18th December 2024, respectively.

“We will provide further details as the situation develops.”

In response Eric Sanderson (Jema’s chairman) says:

“Following the confirmation of the appeal hearing date in respect of the Company and the Company’s sub-custodian (JPMorgan Bank International (‘JPMBI’)), which are both included as defendants in the VTB case referred to above, I reiterate some of the information disclosed in previous RNS announcements in relation to the impact that these unprecedented circumstances may have on the Company’s Russian assets which have created much uncertainty of these  values ever being realisable by the Company. The Board also note that the Russian court continues to allow VTB to include the Company as a defendant in their case in addition to eight J.P.Morgan legal entities.”