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Berezovsky Award Reduced

LONDON — The British Court of Appeal on Wednesday ordered the reduction of a $52.6 million award won by Boris Berezovsky in a case over a 2003 loan.

The court ruled that the amount owed to Berezovsky was miscalculated by a trial judge. The parties should either agree on a new figure or take the matter back to court for review, the ruling said.

Ruslan Fomichev, Vasily Peganov and their trading company Anstead Holdings were sued by Berezovsky over a $50 million loan made in 2003 by North Shore, an offshore entity set up by Berezovsky. The dispute arose after nearly half of the money was frozen by Swiss authorities in an investigation of embezzlement claims against Berezovsky related to Aeroflot.

(Bloomberg)

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