Suit Alleging Secret Bank Deal Deemed Untimely
A construction company associated with one of Saudi Arabia's richest men failed to file in a timely manner its $10 billion fraud lawsuit accusing Barclays Bank of arranging an illicit deal with Saudi officials, a Manhattan appeals court ruled Thursday.
June 01, 2017 at 06:02 PM
16 minute read
A construction company associated with one of Saudi Arabia's richest men failed to file in a timely manner its $10 billion fraud lawsuit accusing Barclays Bank of arranging an illicit deal with Saudi officials, a Manhattan appeals court ruled Thursday.
A panel of the Appellate Division, First Department, upheld Manhattan Supreme Court Justice Charles Ramos' 2016 dismissal of the suit, citing statute of limitations grounds.
Justice Paul Feinman, writing for the court in MBI International Holdings v. Barclays Bank, 653307/14, said MBI's “own complaint establishes that they were on inquiry notice [of fraud] by at least 2008.” That was long before MBI filed its 2014 lawsuit against Barclays. He also noted that “the parties do not dispute that the alleged fraud occurred in or around July 2006.”
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