COBALT represented public institutions in legal disputes related to former shareholders of Parex bank (now Reverta). Mr. Kargins and Mr. Krasovickis submitted false information to the Latvian state about the financial situation of Parex bank. On the basis of this information the Latvian government decided to nationalise the bank. After the deceit was discovered Latvian public institutions brought a claim for damages in the amount of EUR 142 million. The former shareholders initiated multiple lawsuits with the purpose of delaying an unfavourable court decision.