NY lacks personal jurisdiction over Algosaibi (& Saad)
Posted by Ivo Cerckel on July 30th, 2009
Deutsche Bank in NY court fight with Algosaibi unit
Wed Jul 29, 2009 1:16pm EDT
* Algosaibi-controlled unit sued by Deutsche Bank
* Dispute over $74.2 million in forex swap
By Grant McCool
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN2927405920090729
SNIP
NEW YORK, July 29 (Reuters) – Lawyers for Deutsche Bank (DBKGn.DE) and a subsidiary of Saudi Arabia’s Algosaibi Group are arguing over whether the bank’s claim for $74.2 million in a foreign exchange swap deal belongs in a New York court, according to court papers.
The civil case against The International Banking Corp (TIBC) was adjourned on Monday until Sept. 8 after TIBC lawyers asked New York State Supreme Court Justice Bernard Fried to “dismiss the action for lack of personal jurisdiction.”
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