Deutsche Bank AG v. Sebastian Holdings, Inc.

236 Conn. App. 330
CourtConnecticut Appellate Court
DecidedNovember 11, 2025
DocketAC47591
StatusPublished

This text of 236 Conn. App. 330 (Deutsche Bank AG v. Sebastian Holdings, Inc.) is published on Counsel Stack Legal Research, covering Connecticut Appellate Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Deutsche Bank AG v. Sebastian Holdings, Inc., 236 Conn. App. 330 (Colo. Ct. App. 2025).

Opinion

************************************************ The “officially released” date that appears near the beginning of an opinion is the date the opinion will be published in the Connecticut Law Journal or the date it is released as a slip opinion. The operative date for the beginning of all time periods for the filing of postopin- ion motions and petitions for certification is the “offi- cially released” date appearing in the opinion. All opinions are subject to modification and technical correction prior to official publication in the Connecti- cut Law Journal and subsequently in the Connecticut Reports or Connecticut Appellate Reports. In the event of discrepancies between the advance release version of an opinion and the version appearing in the Connecti- cut Law Journal and subsequently in the Connecticut Reports or Connecticut Appellate Reports, the latest version is to be considered authoritative. The syllabus and procedural history accompanying an opinion that appear in the Connecticut Law Jour- nal and subsequently in the Connecticut Reports or Connecticut Appellate Reports are copyrighted by the Secretary of the State, State of Connecticut, and may not be reproduced or distributed without the express written permission of the Commission on Official Legal Publications, Judicial Branch, State of Connecticut. ************************************************ Page 0 CONNECTICUT LAW JOURNAL 0, 0

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DEUTSCHE BANK AG v. SEBASTIAN HOLDINGS, INC., ET AL. (AC 47591) Moll, Clark and Wilson, Js.

Syllabus

The defendants, the prevailing parties in the underlying action seeking to enforce a foreign judgment against them, appealed from the trial court’s judgment denying their motions for attorney’s fees. The defendants claimed that the court improperly determined that the issue of whether they were entitled to attorney’s fees was a procedural issue governed by Connecticut law, which follows the American rule, pursuant to which each party is responsible for its own attorney’s fees unless a statute or contract provides otherwise, rather than a substantive issue governed by the law of the foreign jurisdiction, which follows the English rule, pursuant to which a prevailing party generally is entitled to its litigation expenses, including attorney’s fees. Held:

The trial court properly denied the defendants’ motions for attorney’s fees on the ground that their request for attorney’s fees was a procedural matter governed by Connecticut law, as the defendants did not dispute that the rule of the foreign jurisdiction allowing for the recovery of attorney’s fees by a prevailing party was not specific to the cause of action at issue in this case but applied generally to all civil actions. Argued September 17—officially released November 11, 2025

Procedural History

Action seeking, inter alia, enforcement of a foreign judgment, brought to the Superior Court in the judicial district of Stamford-Norwalk and transferred to the Complex Litigation Docket, where the case was tried to the court, Hon. Charles T. Lee, judge trial referee; judgment for the defendants, from which the plaintiff appealed; thereafter, the defendants filed a motion for attorney’s fees; subsequently, the Supreme Court affirmed the trial court’s judgment, and the defendants filed a second motion for attorney’s fees; thereafter, the court, Hon. Charles T. Lee, judge trial referee, denied the defendants’ motions for attorney’s fees, and the defendants appealed to this court. Affirmed. 0, 0 CONNECTICUT LAW JOURNAL Page 1

0 Conn. App. 1 ,0 3 Deutsche Bank AG v. Sebastian Holdings, Inc.

Dana M. Hrelic, with whom were Monte E. Frank and Meagan A. Cauda, for the appellants (defendants). David G. Januszewski, with whom were Thomas D. Goldberg and, on the brief, Sheila C. Ramesh, pro hac vice, Sesi V. Garimella, pro hac vice, and John W. Cerreta, for the appellee (plaintiff). Opinion

CLARK, J. The plaintiff, Deutsche Bank AG, brought this action against the defendants, Sebastian Holdings, Inc. (SHI), and Alexander Vik, seeking to enforce an approximately $243 million foreign judgment (English judgment) rendered against SHI by an English court and to pierce the corporate veil of SHI in order to hold Vik personally liable for that judgment. The trial court, applying the substantive law of Turks and Caicos Islands (TCI), rendered judgment in favor of the defen- dants, and our Supreme Court affirmed that judgment. See Deutsche Bank AG v. Sebastian Holdings, Inc., 346 Conn. 564, 604, 294 A.3d 1 (2023). Thereafter, the trial court denied the defendants’ postjudgment motions seeking approximately $11.5 million in prevailing party attorney’s fees incurred in defense of this action, con- cluding that the issue of attorney’s fees was a proce- dural matter governed by Connecticut law, which does not permit the recovery of such fees in this case. On appeal, the defendants claim that the court erred in denying their motions because the issue of whether they are entitled to attorney’s fees is governed by TCI law. We disagree and, accordingly, affirm the judgment of the trial court. The following facts and procedural history are rele- vant to this appeal.1 SHI is a corporation organized under the laws of TCI, and Vik is its sole shareholder 1 Our Supreme Court’s decision in Deutsche Bank AG v. Sebastian Hold- ings, Inc., supra, 346 Conn. 564, sets forth a detailed factual and procedural background concerning the events giving rise to this case. Page 2 CONNECTICUT LAW JOURNAL 0, 0

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and director. In November, 2006, the plaintiff and SHI entered into a foreign exchange prime brokerage agree- ment and related agreements, pursuant to which the plaintiff acted as SHI’s prime broker and intermediary in connection with SHI’s foreign currency trading activi- ties. In and around October, 2008, SHI accumulated substantial losses in connection with those activities. In January, 2009, the plaintiff commenced an action against SHI in the Queen’s Bench Division of the High Court of Justice of England and Wales to collect amounts owed as a result of unpaid margin calls. In November, 2013, the English judgment was rendered against SHI and in favor of the plaintiff. The following month, the plaintiff commenced the present action seeking a declaratory judgment to pierce SHI’s corpo- rate veil and to hold Vik personally liable for the English judgment as SHI’s alter ego and an order enforcing the judgment against Vik pursuant to the Uniform Foreign Money-Judgments Recognition Act, General Statutes § 50a-30 et seq. On September 7, 2021, after lengthy pretrial, trial, and interlocutory appellate proceedings,2 the court, Hon. Charles T. Lee, judge trial referee, applying TCI law, declined to pierce SHI’s corporate veil and rendered judgment in favor of the defendants. The plaintiff appealed from the judgment of the trial court to this court, and our Supreme Court thereafter transferred the appeal to itself pursuant to General Stat- utes § 51-199 (c) and Practice Book § 65-1. See Deutsche Bank AG v. Sebastian Holdings, Inc., supra, 346 Conn. 2 In August, 2015, the parties filed motions for summary judgment, with the defendants claiming that res judicata barred the present action and the plaintiff claiming that the findings underlying the English judgment operated to collaterally estop Vik from denying he was the alter ego of SHI. See Deutsche Bank AG v. Sebastian Holdings, Inc., 174 Conn. App. 573, 578, 166 A.3d 716 (2017), aff’d, 331 Conn. 379, 204 A.3d 664 (2019).

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Bluebook (online)
236 Conn. App. 330, Counsel Stack Legal Research, https://law.counselstack.com/opinion/deutsche-bank-ag-v-sebastian-holdings-inc-connappct-2025.