New York State judge Justice Richard B Lowe III last week authorised an out-of-court settlement between plaintiff Dubai-based Mashreq and one of the co-defendants Sana Abdulaziz Hamad Algosaibi (Madame Sana), say court documents seen by Emirates Business.
The stipulation states that Mashreqbank and Madame Sana agree that: "This action and all claims asserted herein shall be and hereby are discontinued without prejudice as between Mashreq and Madame Sana only, and without costs or fees to either Mashreq or Madame Sana…"
Mashreq representatives were not available to comment on details of the settlement and whether the bank was in out-of-court talks with any of the other representatives.
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