Siemens Flays Sobha Over Failed $65M Deal

Law360, New York (March 11, 2010, 3:19 PM EST) -- Siemens Medical Solutions USA Inc. is suing Sobha Renaissance Information Technology Private Ltd. to recover losses it says it incurred when Sobha failed to make good on a $65 million acquisition of Siemens’ information technology outsourcing business.

The amended complaint, filed Wednesday in the U.S. District Court for the District of Delaware, claims India-based Sobha beat out other bidders for the outsourcing business based on false assurances that it had the necessary funds, causing Siemens to waste several million dollars lining up a stillborn transaction....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.