WestLB Seeks Dismissal Of Banks' $492M Suit

Law360, New York (November 22, 2011, 5:21 PM EST) -- An attorney for WestLB AG and an affiliate told a New York judge Tuesday that four banks and another financial entity were conflating WestLB's divisions in their suit accusing WestLB of losing them $492 million by mismanaging two structured investment vehicles.

The banks — 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. — and Cayman Islands-based special-purpose corporation Justinian Capital SPC allege that they invested $492 million into two WestLB-controlled structured investment vehicles,...
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