Deutsche Bank AG v. Sebastian Holdings, Inc.
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The Supreme Court affirmed the judgment of the trial court declining to pierce Sebastian Holdings, Inc.'s (SHI) corporate veil and to hold Alexander Vik, SHI's sole shareholder and director, jointly and severally liable with SHI for an approximately $243 million foreign judgment against Vik, holding that the trial court did not err.
After SHI failed to pay the English judgment Deutsche Bank commenced this action against Defendants alleging that Vik caused SHI to breach its contractual obligations to Deutsche Bank and to fraudulently convey funds to third parties in order to defraud Deutsche Bank out of money owed. Count two sought a declaratory judgment piercing SHI's corporate veil and holding Vik jointly and severally liable for the English judgment. The trial court rendered judgment for Defendants. The Supreme Court affirmed, holding that Deutsche Bank could not prevail on its claim that the results of the trial would have been different if the court had applied Connecticut law or if it had correctly applied the laws of Turks and Caicos Islands, a British territory.
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