Dubai Holding Commercial Operations Group LLC, a real estate and hospitality group owned by the emirate’s ruler, was sued by Lehman Brothers International Europe over the value of swap transactions.
LBIE, which is in administration in the U.K., filed the lawsuit in London, according to court papers. The case is “a straightforward financial dispute regarding the valuation of certain swap transactions entered into between the parties,” LBIE’s administrators, PricewaterhouseCoopers LLP, said yesterday in an e-mailed statement. They declined to provide information on the value of the swaps.
Dubai Holding’s representatives at a public relations agency weren’t immediately available to comment outside normal business hours.
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