Banks Sue WestLB After $230M In Investments Go Sour

Law360, New York (November 12, 2009, 7:10 PM EST) -- Four banks from around the world lodged a complaint Thursday that accuses WestLB AG of losing about $230 million of their money by mismanaging certain structured investment vehicles and engaging in blatantly self-serving behavior.

The suit was brought in New York State Supreme Court by Israel-based Bank Hapoalim BM, Bahrain-based Arab Banking Corp. BSC, Ireland-based Anglo Irish Bank Corp. Ltd. and Israel-based Mizrahi Tefahot Bank Ltd.

They alleged that Germany-based WestLB and certain subsidiaries – which sponsored and managed one structured investment vehicle called Harrier and...
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