JPMorgan, Defunct Firm May Settle $55M Loan Assets Fight

Law360, London (October 2, 2019, 4:56 PM BST) -- A defunct investment company once controlled by a Saudi billionaire’s family conglomerate is in settlement talks with a JP Morgan subsidiary and an insolvent Bahrain-based bank in a dispute over the ownership of at least $55 million in assets pledged as loan security.

An order issued on Monday by the High Court keeps the case on hold until Oct. 4 to "enable the parties to attempt settlement.” The judge, Master Karen Shuman, said she is extending a stay she granted in July.

Liquidators for Saudi billionaire Maan Al Sanea’s Saad Investments Co. Ltd. sued London-based JP Morgan International Bank Ltd. and...

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