Swiss Banks Fight $850M Case Over 'Secret' Payments

Law360, London (July 20, 2020, 3:49 PM BST) -- Two Swiss private banks battled on Monday to exit a $848 million fraud claim brought by Kuwait's pensions authority against its former director for taking "secret" commissions from major financial institutions, telling a London court that the dispute belongs overseas.

Two Swiss private banks have challenged the High Court's jurisdiction to hear a lawsuit filed by the pensions authority of Kuwait. (AP) Pictet and Mirabaud, along with their subsidiaries and a handful of bankers, have challenged the High Court's jurisdiction to hear a lawsuit filed by Kuwait's Public Institution for Social Security over claims that it made corrupt payments to the pension fund's former director general, Fahad...

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