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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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