Billionaire Fredriksen’s Firm Faces $1 Billion Claim After Failed Fraud Trial

Two former executives at billionaire John Fredriksen’s oil trading firm sued for about $1 billion in over allegations that the shipping tycoon’s failed “vindictive” lawsuit brought them to the “brink of financial ruin.”

Alta Trading UK Ltd’s former chief executive officer Peter Bosworth and ex-chief financial officer Colin Hurley sued after Fredriksen’s firm lost a decade-long court case accusing them of a major fraud. A “dishonestly” obtained freezing order in 2015 stymied the duo’s attempt to start a new oil trading venture or find another job, their lawyers alleged at the start of a London trial.