Swiss Bank Settles $3.6M Balli Group Fraud Suit

Law360, London (April 6, 2021, 3:47 PM BST) -- Switzerland's Banque Internationale de Commerce has settled a commercial fraud claim against three executives of Anglo-Iranian steel trader the Balli Group, in the latest development following an investigation into the company's collapse by the U.K.'s Serious Fraud Office.

The Swiss bank reached a confidential settlement agreement with Nasser Alaghband, Melis Erda and Colin Donaghue on Feb. 11, according to a court order that has just been made public. The individuals are all executives of the now-defunct steel firm Balli Group, but the company itself was not named in the suit.

The High Court ordered that the fraud proceedings against the three...

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