9.42 PM Sunday, 14 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:38 05:54 12:22 15:49 18:44 20:01
14 April 2024

NY court authorises Mashreq deal with Ahab co-defendant

NY court authorises Mashreq deal with Ahab co-defendant. (EB FILE)

By Vicky Kapur

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.


Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.