Cyprus Sees $1.4B Arbitration Claim Over Failed Bank Nixed

Law360 (February 1, 2019, 5:27 PM EST) -- Cyprus has defeated a $1.4 billion arbitration claim relating to the failure of FBME Bank Ltd., which was shuttered by Cypriot authorities amid money laundering concerns in 2014.

A three-member International Chamber of Commerce tribunal ruled by majority to dismiss the entire claim on the merits, according to a Friday statement issued by Curtis Mallet-Prevost Colt & Mosle LLP, which represented the country in the proceeding.

The arbitration had been filed by brothers Ayoub-Farid Michel Saab and Fadi Michel Saab, the Lebanese owners of FBME Bank, who accused Cyprus of wrongly expropriating their assets in the country when the Central Bank...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!