By Rachel Scharf (June 9, 2022, 6:57 PM EDT) — The continued Lebanese financial disaster just isn’t motive sufficient for a New York federal decide to considerably cut back a $42 million attachment order in opposition to the Intercontinental Financial institution of Lebanon, an Iraqi telecommunications agency informed a Second Circuit panel on Thursday.
Iraq Telecom Ltd. is interesting a choice by U.S. District Choose Denise Cote to vacate all however $3 million of an ex parte attachment entered after a Lebanese arbitral tribunal discovered that the financial institution defrauded the telecom firm in a 2011 mortgage deal. Iraq Telecom is now pursuing a second spherical of arbitration to gather damages for the alleged fraud.
Choose Cote,…
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