Deutsche Bank AG v. Sebastian Holdings, Inc.

The Supreme Court affirmed the judgment of the Appellate Court in this interlocutory appeal regarding what preclusive effective to give in this action to the findings and judgment rendered by an English court in a prior action brought by Plaintiff against the named defendant, holding that the Appellate Court correctly found that none of the parties was entitled to the claimed preclusive effect. The English action resulted in a $243,023,089 judgment, plus interest, against the named defendant, Sebastian Holdings, Inc. Plaintiff, Deutsche Bank AG, later commenced the instant action against Sebastian and Alexander Vik, the sole shareholder and sole director of Sebastian. Plaintiff sought to pierce Sebastian's corporate veil and hold Vik personally liable for his corporation's judgment debt. All parties claimed, unsuccessfully, an entitlement to a preclusive effect as a result of the final judgment rendered in the prior English action. The Appellate Court agreed with the trial court that the parties were not entitled to have this action decided in their respective favor on the basis of the alleged preclusive effect of the English judgment. The Supreme Court adopted the Appellate Court's opinion as the proper statement of the issues and the applicable law concerning those issues and affirmed. View "Deutsche Bank AG v. Sebastian Holdings, Inc." on Justia Law