Wealthy Saudi Family Sues Arcapita Over $3.5M Investment
By Maria Chutchian
Law360, New York (November 8, 2013, 5:04 PM ET) -- A wealthy Saudi family on Thursday sued the reorganized Arcapita Bank BSC in New York bankruptcy court over $3.5 million the family says it invested with the bank for a rights offering that never occurred and that it says should now be returned.
The Baeshen family, which own the Rabea Tea brand, say they invested approximately $10 million in Arcapita accounts, $3.5 million of which was designated for a stock sale that was ultimately canceled. The Baeshens say the Bahraini investment bank has decided to use...