Exceptional victory: we have won a case against the Bank of Lithuania in courts of all instances, representing Orion Asset Management

05.01.2023 Exceptional victory: we have won a case against the Bank of Lithuania in courts of all instances, representing Orion Asset Management

We represented one of the oldest asset management companies in Lithuania, Orion Asset Management, in a case concerning a fine of EUR 40,000 imposed by the Supervision Service of the Bank of Lithuania.

In July 2021, the Vilnius Regional Administrative Court ruled that Orion Asset Management had not violated the law by concluding several transactions acquiring units of investment funds managed by Orion Asset Management and selling these units to other investors. Hence, it annulled the fine imposed by the Bank of Lithuania.

After the Bank of Lithuania appealed this judgement, the Supreme Administrative Court now upheld the findings of the Vilnius Regional Administrative Court and dismissed the appeal submitted by the respondent in full. Notably, the case before the appellate court was examined in an oral hearing which is not usual in administrative cases under appeal.

Partner Agnius Pilipavičius, Associate Partners Tadas Varapnickas, and Karolina Lapinskaitė advised the client on all legal issues.