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...
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