MBI International has logged a $10 billion lawsuit against Barclays.
- Suit alleges Barclays abandoned pursuit of Saudi lease payments
- Alleges Barclays bribed officials to secure Saudi licence
From Bloomberg:
Barclays Plc was sued by Sheikh Mohamed bin Issa al Jaber’s MBI International Holdings Inc. and accused of abandoning its pursuit of lease payments for housing compounds for U.S. defense contractors in Saudi Arabia in order to secure a banking license in that country.
Barclays market cap is only about £36 billion so it’s definitely big enough to cause a ripple although shares are barely lower after an initial dip.
