TGS Baltic together with the prominent Austrian law firm Graf & Pitkowitz Rechtsanwälte successfully defended Bank Snoras before the Vienna International Arbitral Centre (VIAC) in a complex declaratory relief claim sought by another major Austrian bank. Arbitration comprised issues of applicable law, AML regulations, back-to-back loan agreements, requirements for financial institutions and difficult jurisdictional issues. After a two-year legal battle, on 21 January 2019, VIAC arbitral tribunal rendered a decision in favor of Snoras, dismissing the declaratory relief sought by the claimant. TGS Baltic was the leading counsel of the arbitration.
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