Only Russians fail this Spectacularly
Imagine your feuding neighbor claims you destroyed his car worth $7,500 and demands you pay him. Now imagine you refuse, and he files a lawsuit against you for $22,500 in damages. Why that amount? Let’s say your neighbor is Russian, and that explains a lot. You battle in court for a while, and then your neighbor agrees to drop the case in exchange for your payment of $14. Not $14,000 mind you, or $140, but $14.
Exactly this just happened in Russia’s lawsuit against the Bank of New York. After sensational headlines and vituperative allegations from the Russians about “fraud” and “theft” by the Bank, after a claim by Russia that $7.5 billion had been stolen and a lawsuit filed by Russia claiming $22.5 billion (three times more than the alleged theft), Russia settled last week for $14 million.
Russia freely admitted: “Guilt hasn’t been proved. Data and materials are very insufficient to win such a case in court.” Well, an American court where the law actually means something. In a Russia court, Russia would have seized the entire Bank years ago and sold it for scrap, just like YUKOS oil, regardless of the law . . . or for that matter the facts . . . with no difficult of any kind.
Only Russians can fail this spectacularly.