Banque Du Liban, the central bank of Lebanon, Deloitte, Ernst & Young, Dr. Karim P. Najjar and other defendants were hit with a class action alleging conspiracy to commit fraud on April 16 in New Jersey District Court. The suit was filed on behalf of American depositors, including Lebanese-Americans, who contend that the defendants engaged in a 'financial engineering' scheme in which they solicited U.S. dollar deposits at high interest rates while knowing that the banks could not sustain the interest payments, as the Lebanese banking system was expecting a liquidity crisis. The lawsuit was filed by Carella Byrne Cecchi Brody & Agnello; Lockridge Grindal Nauen; Cuneo Gilbert & LaDuca; and Barrett Law Group. Counsel have not yet appeared for the defendants. The case is 1:24-cv-05043, Najjar v. Salameh.
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April 16, 2024, 12:20 PM