U.S. judge narrows Dubai bank claims versus ING over investment losses | Reuters

U.S. judge narrows Dubai bank claims versus ING over investment losses | Reuters:

"A U.S. judge on Friday narrowed Mashreq PSC's MASB.DU claims in a lawsuit that alleged ING Groep NV (ING.AS) lost more than $40 million of the Dubai bank's money by investing it in "toxic" securities.

U.S. District Judge Lorna Schofield denied ING's bid to dismiss the complaint in its entirety, ruling that Mashreq's breach of contract claim should stand.

However, she dismissed the bank's breach of fiduciary duty and fraud claims as duplicative of the contract claim. As a result, she said, Mashreq cannot pursue punitive damages in addition to the $43 million it claims it is owed, as New York law does not generally allow for punitive damages on a breach of contract claim."

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