Barclays wins dismissal of $10bn real estate lawsuit


Barclays won the dismissal on Monday of a Saudi real estate company's $10bn lawsuit alleging the bank ceased pursuing lease payments due from the Saudi government on military complexes in order to obtain a banking licence.

Reuters reports that New York Supreme Court Justice Charles Ramos ruled from the bench in dismissing the 2014 lawsuit by the company, Jadawel International, a unit of MBI International Holdings, a Barclays spokesman said.

The lawsuit sought $10bn in damages for what Jadawel claimed was a fraudulent scheme Barclays hatched to secure the rare Saudi banking licence, selling out Jadawel in the process.

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New York judge tosses Saudi developer's $10 billion lawsuit vs Barclays

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