XTX Loses Case With Mazars Over Billionaire Russian Owner (1)

Alex Gerko’s XTX Markets Technologies Ltd. lost a lawsuit against Mazars LLP in a discrimination claim that considered whether the accounting firm refused to work for the firm because its owner was Russian.

Mazars told the company it was not accepting any new clients owned by Russian citizens in 2022 during a procurement process for services, lawyers for XTX said in the suit. This was despite Mazar’s website stating the policy only applied to sanctioned people and companies.

Gerko, a billionaire who was never subject to sanctions and has since renounced his Russian citizenship, is the ultimate owner of ...