On 24 November 2006, Cherney filed a suit against Oleg Deripaska, a Russian billionaire who owns the huge Russian aluminium company, RusAl, in the Commercial Court of London's High Court. Cherney sought a Court declaration affirming that Deripaska holds 20% of the RusAl shares on behalf of Cherney or damages for breach of Deripaska's agreement to dispose of the shares and to account to Cherney for the proceeds. The claims are based on a written agreement between the two businessmen that was signed in a London hotel room in March 2001. Deripaska denies that Cherney owns shares and said in an affidavit that his relationship with Cherney was one of a businessman being extorted by a crime boss. After the 2001 meeting, Deripaska paid Cherney $US250 million.