The Luxembourg District Court, on 16 October 2026, declared inadmissible all claims brought by Kingstown Partners Master Ltd., Kingstown Partners II, LP and Ktown LP against CPI FIM SA and certain current and former board members. The case was dismissed in its entirety. CPI FIM announced the judgment on 20 October. Inadmissibility, not a merits ruling that awards or rejects the roughly EUR 238 million sought.

The lawsuit was filed in January 2015. CPI Property Group SA, the parent, was dismissed from the proceedings in June 2019. Kingstown originally sought about EUR 19.5 million; the latest claim, according to the company note, was about EUR 238 million. The rise in the figure is from the file, not a sum paid today.

In CPI FIM’s summary, the court found that the claimants had not established a personal loss for shares sold in 2014, nor a direct link between the alleged wrongdoing and the damages claimed. Later damages claims were also inadmissible. Having sold the shares, Kingstown lacked the interest needed to challenge past corporate decisions. Reasons as cited in the press release, not from the full judgment.

The claimants were ordered to pay the costs of the proceedings and procedural indemnities of EUR 10,000 each to CPI FIM and to four individual defendants. The judgment is subject to appeal. Procedural costs, not an enforcement of the EUR 238 million.

David Greenbaum, CEO of CPIPG and managing director of CPI FIM, said the group had always said Kingstown had no case and that the decision “proves we were right.” Martin Matula, general counsel, said they would defend the group and were confident the judgment would withstand an appeal. Company positions, not wording from the operative part.

Until an appeal or the full judgment, the closed fact is the inadmissibility of the Kingstown claims in Luxembourg. Seznam tied the file to other disputes. The parties in this case are the three Kingstown vehicles and CPI FIM, plus board members. This is not a final judgment.

Image: Pudelek (Marcin Szala), Cite judiciaire, Luxembourg, April 2013, CC BY-SA 3.0, Wikimedia Commons; the 2013 complex, not a photograph of the 16 October 2026 hearing.

Sources consulted: Vitek won a Luxembourg dispute with US Kingstown - Seznam Zpravy; CPI FIM SA - Kingstown Litigation Dismissed - press release, 20 October 2026.