Thursday 24 September 2009

Deutsche Bank, Gosaibi battle in NY court

Deutsche Bank AG and a banking unit of Saudi Arabia's Al-Gosaibi family battled in court on Wednesday over whether to throw out a $74.2 million claim by the German bank, part of a flurry of lawsuits involving billions of dollars and allegations of fraud.

New York State Supreme Court Justice Bernard Fried said he expects to rule by Dec. 9 whether The International Banking Corp bsc, a Bahrain bank whose controlling shareholder is the Ahmad Hamad Al-Gosaibi and Brothers conglomerate, did sufficient business in New York to subject it to litigation in the state.

Several large Middle Eastern companies are caught up in a variety of litigation amid a feud between Algosaibi and the billionaire Maan al-Sanea, who married into the family.

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