A divided state appellate panel ruled yesterday that a lawsuit over an alleged financial fraud run by a Saudi Arabian billionaire using New York bank accounts can go forward in Manhattan because New York has a “compelling interest” in protecting the integrity of its banking system.
The 3-2 opinion from the Appellate Division, First Department, in Mashreqbank v. Ahmed Hamad Al Gosaibi & Brothers, 601650/09, reversed an August 2010 order by Supreme Court Justice Richard Lowe III (See Profile) dismissing the case for forum non conveniens. The majority opinion was written by Justice James Catterson (See Profile), joined by Justices Sheila Abdus-Salaam (See Profile) and Sallie Manzanet-Daniels (See Profile).
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