Following Pressure From Citizens for a Pro-Business Delaware and Other Good Government Advocates, Skadden Arps Drops Alfa Bank Election Interference Lawsuit On Behalf of Russian Oligarch-Owned Company

Citizens for a Pro-Business Delaware Doubles Down on Demand for Delaware to Stop Doing Business with Skadden Until It Severs All Ties to Russian Oligarchs

WILMINGTON, Del.–(BUSINESS WIRE)–Following pressure from Citizens for a Pro-Business Delaware, other good government advocates, and intense media scrutiny, Skadden Arps has dropped a lawsuit on behalf of Alfa Bank, owned by billionaire Russian oligarch Mikhail Fridman, and pledged to relocate its Russia-based lawyers while maintaining its Moscow office. In response, Citizens for a Pro-Business Delaware Campaign Manager Chris Coffey released the following statement:

“We’re glad that our pressure, along with that of other good government groups, has forced Skadden to reconsider its long-held ties to Russian oligarchs, especially in light of Russia’s unprovoked invasion of Ukraine. But these latest steps by Skadden seem cynically calculated to minimize losses to the firm’s bottom line while publicly saving face as much as possible. We don’t buy it.

“For years, Skadden has done the bidding of Putin-aligned oligarchs without a shred of concern for his regime’s human rights abuses, helping facilitate more than $90 billion worth of Russian corporate deals just since 2012. While dropping the oligarch-backed Alfa Bank lawsuit is one small step towards justice, Skadden must do much more – including closing its Russia office, disclosing its Russian client list, and contributing to Ukraine relief efforts – to right its wrongs in Russia.

“Until Skadden does so, we are doubling down on our demand that Delaware’s courts and government cease doing business with Skadden immediately. The same firm taking Russian ‘blood money’ does not deserve to receive a cent from the state of Delaware.”

Citizens for a Pro-Business Delaware is a group made up of more than 5,000 members including employees of the global translation services company TransPerfect, as well as concerned Delaware residents, business executives and others. They formed in April of 2016 to focus on raising awareness with Delaware residents, elected officials, and other stakeholders about the unprecedented, forced sale of TransPerfect. While their primary goal of saving the company has been accomplished, they continue their efforts to fight for more transparency in the Delaware Chancery Court. For more information on Citizens for a Pro-Business Delaware or to join the cause, visit DelawareForBusiness.org.

Contacts

Chris Coffey, ccoffey@tuskholdings.com