16 investors filed a lawsuit against the Central Bank over the trading procedure on February 24, 2022 – Kommersant
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To the Moscow Arbitration Court entered a lawsuit by a group of private investors against the Bank of Russia regarding the procedure for conducting trading on the Moscow Exchange on February 24, 2022. Then the Russian stock market experienced a record drop in its entire history.
According to information on the court’s website, the claim was filed by 16 individuals in the capital’s arbitration yesterday, October 23, and its consideration will begin on November 27. The Moscow Exchange and the National Clearing Center were involved in the case as third parties.
The plaintiffs called for invalidation of the Central Bank’s instructions to stop trading on the Moscow Exchange at 07:52 Moscow time on February 24, 2022 and to resume trading at 09:50 Moscow time. According to a group of investors, the Bank of Russia showed “inaction”, which should be officially recognized as illegal.
On February 24, 2022, the Russian stock market showed a record collapse in its entire history under the pressure of panic sales due to the start of the military operation in Ukraine, the Moscow Exchange and RTS indices reached multi-year lows. According to the results of the main trading, the Moscow Exchange index amounted to 2058.12 points (-33.3%), the RTS index – 742.91 points (-39.4%); prices of most blue chips on the Moscow Exchange fell by 48.8%.
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