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Sunday, 16 April 2017

MIDEAST STOCKS-U.S. 9/11 lawsuit against Saudi banks main drag, NBK up on Q1 earnings beat | Reuters

MIDEAST STOCKS-U.S. 9/11 lawsuit against Saudi banks main drag, NBK up on Q1 earnings beat | Reuters:

"Saudi Arabia's two largest listed banks were the main drag on the index in early trade on Sunday on news that U.S. insurers have filed a lawsuit against the lenders over the Sept. 11, 2001, attacks, while National Bank of Kuwait rose on strong first quarter results. Shares of Al Rajhi Bank were down 1.5 percent and, National Commercial Bank down 2.1 percent on news that the lawsuit was filed late on Wednesday in the U.S. District Court in Manhattan, by more than two dozen U.S. insurers affiliated with Travelers Cos, in the latest effort to hold entities in Saudi Arabia liable for the attacks. The two banks, and companies affiliated with Osama bin Laden's family and several charities are being sued for at least $4.2 billion."



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