Algosaibi seeks $2 bln in NY from Mashreq,al-Sanea

The Algosaibi family conglomerate has filed separate lawsuits in New York against Dubai-based Mashreqbank psc MASB.DU and Maan al-Sanea, the billionaire head of Saad Group [SAADG.UL], seeking combined damages of more than $2 billion.

Documents filed on Wednesday in a New York State court escalate a battle among several big Middle Eastern companies over alleged fraud.

Regulators and bankers are trying to address up to $22 billion of debt restructurings at Algosaibi and Saad, in what some Middle East experts view as the biggest financial shake-up in that region in the global credit crisis.

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