JPMorgan, Defunct Firm Settle $55M Loan Assets Fight

By Silvia Martelli (November 25, 2021, 12:56 PM GMT) -- A defunct investment company once controlled by a Saudi billionaire's family conglomerate has reached an agreement to end its $55 million lawsuit, which sought ownership of assets pledged as loan security, against a subsidiary of JPMorgan and an insolvent Bahrain-based bank

Judge Richard Meade signed off an agreement in a consent order at the High Court on Tuesday, which has now been made public. The order resolves a case brought by liquidators for Saudi billionaire Maan Al Sanea's Saad Investments Co. Ltd. against JPMorgan International Bank Ltd. and Awal Bank BSC.

The liquidators had sought a declaration that Saad was entitled...

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