Moscow — A Russian court on Friday dismissed a suit against the Moscow Exchange filed by retail investors seeking compensation for losses they incurred when the bourse suspended trading of oil futures in April.
The investors had argued the exchange’s decision to halt trading as the price of West Texas Intermediate (WTI) oil futures plunged below zero had deprived them of the opportunity to limit their exposure.
The Moscow Arbitration court dismissed the claim, according to the court ruling.
The claim was worth nearly 1 billion roubles ($13 million).
Sergei Shakirov, the lawyer with Milton Legal that handled the complaint for the plaintiffs, said his company would appeal the ruling.
The Moscow Exchange declined to comment
A different group of more than 100 investors in May asked the central bank in its role as regulator to investigate whether the bourse broke rules when it abruptly halted trading on certain instruments on April 20.
The court date for that suit against the Moscow Exchange, worth close to 200 million roubles, is Oct. 13, said Pavel Maltsev, one of the private investors who signed this claim.
$1 = 78.5250 roubles
(Reporting by Alexander Marrow and Elena Fabrichnaya; Writing by Andrey Ostroukh; Editing by Mark Potter)