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ICICI Bank Follows $588M NY Win Against Essar With UK Suit

Law360, London (May 19, 2017, 7:57 PM BST) -- The Singaporean unit of ICICI Bank has filed a suit in London’s High Court against multinational conglomerate Essar Group, three weeks after a New York court awarded the bank $588 million in damages over a loan default by Essar’s U.S.-based steelmaking subsidiary.

ICICI, one of India’s biggest banks, filed the claim on Tuesday, according to the court register, which was seen by Law360 on Friday. The details of the suit will not be made publicly available until Essar has acknowledged being served.

Spokesmen for Essar had...
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