Tuesday 8 April 2014

Mashreq and ING Group settle on ‘toxic’ securities investment | The National

Mashreq and ING Group settle on ‘toxic’ securities investment | The National:



"Dubai’s Mashreq has reached a provisional settlement with ING Group in their dispute over a multimillion dollar soured investment.



A final settlement in the case, which is before the New York courts, is expected to be filed by the end of the month, according to court filings.



The dispute centres on a US$43 million loss sustained by Mashreq, which it attributed to investments made against its instructions in derivative products by ING before the global economic downturn.



“The parties have reached a settlement in principle,” ING’s lawyers said in a letter addressed to the US district judge Lorna Schofield on March 31."



'via Blog this'

No comments:

Post a Comment