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Paramount Power & Commodities SA (PECSA) filed a lawsuit in opposition to Biglaw agency Baker Hostetler and associate Jeffrey Berg alleging malpractice and breach of fiduciary obligation. The Swiss-based vitality firm says a con man tried to steal management of the corporate and that the Biglaw agency vouched for his legitimacy.
On the coronary heart of the allegations is businessman Gaurav Srivastava. Srivastava instructed Niels Troost, Paramount Power’s sole shareholder, he was a CIA operative engaged on an “operation on behalf of the CIA that required the use, operation, and growth of PECSA’s enterprise actions.” That led to Troost’s settlement to switch 50% of the corporate to a holding firm — which might financially profit Srivastava. The criticism alleges Berg instructed Troost he “knew of Mr. Srivastava’s energy, affect, and place with the U.S. authorities.” The criticism continues, “For instance, throughout one phone name, Mr. Berg instructed Mr. Troost that Mr. Srivastava had ‘pals in very excessive locations’ which enabled Mr. Srivastava to get issues completed. He stated this to supply credibility to Mr. Srivastava and encourage the inversion transaction to be accomplished.”
Paramount employed BakerHostetler to finish that switch in November 2022. The lawsuit alleges on the time of the battle verify Troost/PECSA was not knowledgeable Berg and Srivastava had been companions in an African enterprise enterprise known as Himmelhoch Petroleum and Fuel.
As reported by Reuters:
The lawsuit accused Berg of “regurgitating Mr. Srivastava’s fraudulent story” and endorsing his false pedigree.
For instance, Los Angeles-based Berg allegedly instructed Troost in 2023 that Srivastava had “pals in excessive locations” and had stopped an FBI investigation into Troost. The lawsuit stated the FBI investigation was a fiction.
“Mr. Berg was both a conspirator within the scheme perpetrated by Mr. Srivastava, or like Mr. Troost and others, had been fooled by Mr. Srivastava,” the lawsuit stated.
Paramount fired BakerHostetler in Might 2023 — after they employed investigators and found holes in Srivastava’s story. The criticism additionally alleges BakerHostetler refused to return confidential shopper information at the moment.
Earlier this 12 months, Paramount and Troost had been sanctioned by the UK for buying and selling in Russian oil after their invasion of Ukraine. Troost’s lawyer stated they “are within the means of difficult the U.Ok. sanctions designation.”
Kathryn Rubino is a Senior Editor at Above the Regulation, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the most effective, so please join together with her. Be at liberty to e mail her with any ideas, questions, or feedback and comply with her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
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