Wednesday, September 22, 2010

Al Ahli Bank of Kuwait v AlSanea & Saad Trading - NY Case Dismissed Forum Non Conveniens

A Rather Inconvenient Place After All

Judge Richard Love III of the Supreme Court of the State of New York decided last July that New York was indeed a forum non conveniens and so dismissed ABK's suit against Mr. Al Sanea and Saad Trading, Contracting and Financial Services Company.

(In case you're wondering why the delayed posting, while the judgment was electronically filed 11 August, I didn't get an email until today).

I suspect the new venue will turn out to be much much more convenient for Mr. Al Sanea.  Under AA's law of the conversation of legal energy, that may make it much much less convenient for ABK.  Such is life.

You can find the judgment as Document #28 at the NY Supreme Court's website under Case # 602487/2009.

If you use the tag "Al Ahli Bank of Kuwait" you will find earlier posts on this topic.

2 comments:

laocowboy2 said...

possibly a blessing in disguise - US lawyers do not come cheap. And I rather doubt that there is much for them to argue over anyway. money will be either gone or "unreachable", especially for non-KSA creditors.

The best use for the credit files on these two credits would be for credit committees to throw (literally) at those who next bring similar proposals forward for approval.

Abu 'Arqala said...

LC2

Possibly though I wonder if part of The Fix will be to fix a certain small percentage for creditors outside the Kingdom.

The question will be will this be different from Shobokshi.