QVT, Artradis Wins Court Injunction

Mar 6 2008 | 12:23pm ET

Activist hedge fund QVT has won an interim court injunction preventing Kazakhstan’s ATF Bank from using the UniCredit name or brand in its advertising. QVT, together with Artradis, a Singapore-based hedge-fund, is seeking fair value for its preference shareholdings in ATF Bank, following the acquisition of a majority stake by UniCredit subsidiary Bank Austria CreditAnstalt last year.

On Feb. 15, QVT filed a lawsuit against ATF Bank seeking to prohibit the bank from advertising itself as "a member of the UniCredit Group" and/or using UniCredit's logo and name in its advertising.  This week, the Specialized Interdistrict Economic Court of Almaty, Kazahkstan, issued a ruling imposing an interim injunction on ATF Bank.  In particular, the court mandated that ATF Bank must suspend the use of UniCredit's logo and/or its name in its advertisements until the court issues its final decision on the claim requesting to prohibit advertising of UniCredit by ATF Bank, a public company listed on Kazakh Stock Exchange.

“We are very pleased that the Kazakhstan courts have seen fit to support our application for injunctive relief against ATF Bank to prevent their premature advertising of the UniCredit brand in Kazakhstan,” Angelo Moskov, CEO of QVT said. “The approach of ATF and Unicredit to this issue seems typical of their 'lowest common denominator' approach to international corporate governance standards.”

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...