| Qatar Wants Case Against
First Bank of Abu Dhabi and SAMBA Remanded
From SDNY To State Court
By Matthew
Russell Lee, Patreon
Honduras
- The
Source - The
Root - etc
SDNY COURTHOUSE,
Nov 20 –
The State of Qatar sued First
Abu Dhabi Bank and Saudi
Arabia's SAMBA in New York
State court for manipulating
its currency. Then the
defendants joined to move the
case to the U.S. District
Court for the Southern
District of New
York.
On
November 19 Qatar's lawyers
from Paul Weiss argued to SDNY
Judge Alison J. Nathan that
the case should be remanded
back to the state
court. They
argued that the banks are not
themselves "foreign states" or
even organs thereof, and that
no elements have been
satisfied from Grable
& Sons Metal Prods.,
Inc. v. Durue Eng'g &
Mfg., 545 U.S. 308
(2005).
Qatar's state suit alleges
common law fraud, conspiracy
to commit fraud, and aiding
and abetting fraud.
Specifically, Qatar charges
that the two banks sent
thousands of false bid-ask
quotes for the Qatari Riayal
to the foreign currency
trading platforms in New York
to manipulate the
currency.
The subtext, of
course, is the blockade of
Qatar by Saudi Arabia and its
Gulf allies, an echo of the
fight within the Gulf
Cooperation Council.
Inner City Press will continue
to cover this case. It is, in
its Federal form, State of
Qatar v. First Abu Dhabi Bank
PJSC et al., 19-cv-05567
(Nathan).
***
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