Bank Leumi Left With Cobra Beer Hangover Over Payout

Law360, London (July 31, 2017, 5:17 PM BST) -- Leumi ABL Ltd., a subsidiary of Bank Leumi U.K. PLC, must repay an amount yet to be decided to the company behind Cobra Beer after a U.K. judge ruled the lender had overcharged the Cayman Islands-based firm for a receivables finance agreement.

In a hearing at London’s High Court on Friday, Judge David Waksman ruled that the British boutique bank — a wholly-owned subsidiary of Leumi Group, one of Israel’s largest banking corporations — must pay the funds to BHL, whose sole director is Lord Karan Bilimoria, the founder of Cobra Beer Ltd., on the basis of a “mistake of law.”...

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