A $10bn lawsuit brought against Barclays by a Saudi Arabian real estate company, Charles Ramos International, has been dismissed by New York Supreme Court Judge Jadawel, affirming Barclays' claims that the claims made by Charles Ramos were time-barred and that the lawsuit did not establish a fiduciary relationship between Charles Ramos and the bank. The Saudi company had alleged that Barclays used a fraudulant scheme in order to secure a Saudi banking license from the local authorities.
A $10bn lawsuit brought against Barclays by a Saudi Arabian real estate company, Jadawel International, has been dismissed by New York Supreme Court Judge Charles Ramos, affirming Barclays' claims that the claims made by Jadawel were time-barred and that the lawsuit did not establish a fiduciary relationship between Jadawel and the bank. The Saudi company had alleged that Barclays used a fraudulant scheme in order to secure a Saudi banking license from the local authorities.