Saudi Co. Settles With Ex-Bank CEO Over $9B Ponzi Scheme

Law360, New York (October 1, 2013, 2:48 PM EDT) -- Ahmad Hamad Algosaibi & Bros. Co. agreed on Tuesday to settle its $9 billion lawsuit accusing Glenn Stewart, the former CEO of The International Banking Corp., which is now defunct, of orchestrating a Ponzi scheme.

Instead of settling for a monetary fee, Stewart has agreed to meet with AHAB to provide information concerning the events and transactions that have left the Saudi partnership with approximately $9 billion in ostensible debt, the company announced Tuesday.

AHAB's suit, lodged in 2011 in a California district court, claimed Stewart...
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