Nexo Is Suing Bulgaria For Over $3 Billion
After enduring a year of institutional uncertainty, Nexo, a prominent global digital asset institution, is seeking justice through a legal claim exceeding USD 3 billion against the Republic of Bulgaria
The Bulgarian government will conclude friendly settlements on 10 cases brought against the State before the European Court of Human Rights.
The decision is to be voted during Thursday's session of the Cabinet.
The applications are a part of the total of around 700 cases brought before the Strasbourg-based Court over slow and inefficient justice in the country.
The civil proceedings challenged in the ten applications lasted between 5 and 13 years despite the fact that they were not complicated.
The Bulgarian government has acknowledges the failures and will pay the sums awarded to the applicants for non-monetary damages, as well as EUR 34 000 for costs and expenses.
The government will also vote on unilateral declarations on 8 other applications lodged against the state with the European Court of Human Rights.
The eight applicants will be awarded a total of EUR 21 000.
Unilateral declarations are adopted by a government when the attempts to reach a friendly settlement have failed because the applicant is dissatisfied with the amount of compensation proposed.
The State Party's acknowledgement of a violation of the European Convention on Human Rights through a unilateral declaration enables the Court to terminate the case.
The civil proceedings challenged in the said eight applications lasted between 6 and 13 years.
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