Banks Fail To Pin $492M Investment Loss On WestLB

Law360, New York (September 24, 2012, 7:18 PM EDT) -- A New York state judge said Monday that four banks and another financial entity couldn't accuse WestLB AG of costing them $492 million by mismanaging two structured investment vehicles when the same information they say WestLB ignored was available to them.

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 had alleged that they invested $492 million into two WestLB-controlled structured investment...
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