A London court has thrown out a $14 billion lawsuit from imprisoned Russian tycoon Ziyavudin Magomedov against the U.S. private equity firm TPG, the Russian state-owned companies Rosatom and Transneft, along with other defendants.

Magomedov, who formerly led the Summa Group conglomerate, claimed that his arrest in 2018 on embezzlement charges set off a state-backed scheme to seize his assets in lucrative port operators.

The defendants refuted the allegations, with TPG's attorneys labeling them as 'preposterous.' Judge Robert Bright determined there was 'no serious issue to be tried' against TPG or Transneft and also dismissed claims against Rosatom in a written ruling.

Magomedov's spokesperson voiced disappointment and intends to seek permission for an appeal.

TPG expressed satisfaction with the verdict, describing the lawsuit as groundless.

Magomedov, who received a 19-year prison sentence in 2022, remains in a Russian penal colony.

He has consistently repudiated the charges and has unsuccessfully appealed his sentencing.