September 27, 2012 / 3:53 PM / 6 years ago

Russian metals moguls reach out-of-court settlement

LONDON (Reuters) - Russian billionaires Oleg Deripaska and Michael Cherney have reached an out-of-court settlement in a dispute over a billion dollar slice of the world’s largest aluminum producer RUSAL (0486.HK), shortly before they were due to give evidence in a drawn-out London court case.

Russian tycoon Oleg Deripaska takes part in a discussion meeting at the St. Petersburg International Economic Forum in St. Petersburg, June 22, 2012. REUTERS/Sergei Karpukhin (RUSSIA - Tags: BUSINESS HEADSHOT)

“Mr. Deripaska announces that Mr. Cherney’s litigation in London against him has been terminated,” a spokesperson for Deripaska said in a brief statement. “Neither party will be making any further comment in relation to the litigation or matters raised therein.”

Cherney, who now lives in Israel, alleged Deripaska reneged on a deal to buy him out of their joint aluminum business. Deripaska, who controls RUSAL and is a survivor of President Vladimir Putin’s crackdown on powerful oligarchs, denied ever having had a business relationship with Cherney.

Deripaska said he had been the victim of a protection racket that Cherney had helped orchestrate. Cherney, who denied the allegation, was due to be cross-examined for eight days from next Tuesday, via video-link from Israel.

Reporting by Kirstin Ridley, editing by Alexander Smith

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