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XTX Sues Mazars for Refusing to Work for Russian Founder

Aug. 9, 2022, 8:37 AM

XTX Markets Ltd. sued Mazars LLP for refusing to work with it because its owner is Russian, despite him not being sanctioned over the Ukraine war.

The London-based algorithmic trader alleged the auditor declined to provide it with payroll services because its co-founder Alexander Gerko had Russian nationality, according to a July filing. It claims the decision was discrimination “on the grounds of race.”

Mazars told the company it was not accepting any new clients owned by Russian citizens in May during a procurement process for services, lawyers for XTX said. This was despite Mazar’s website stating the policy ...