Kuwaiti family suing Bank Sarasin for $225m

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Three members of a prominent Kuwaiti family are suing Bank Sarasin, a Swiss financier, for US$225 million (Dh826.4m) in Dubai after bankers allegedly provided them with “negligent investment advice” that led to losses, court documents show.

The case is part of a growing number of disputes in the region where wealthy families and investors are taking action against banks that handled their investments.

Credit Suisse filed a claim against the private bank Ansbacher & Co in London this week for allegedly misleading a client into investing in a Dubai property development that had “yielded no positive result”. Ansbacher is part of Qatar National Bank.