NBAD wins multi-million gambling lawsuit
National Bank of Abu Dhabi (NBAD) on Monday won a five-year legal battle against a top London casino trying to reclaim 6.68 million British pounds ($13.39 million) owed it by one of the lender's customers, lawyers in the case said.
Grosvenor Casinos claimed NBAD was liable for bounced cheques written by a wealthy UAE businessman, as the casino had extended credit to the gambler based on informal discussions with the bank, NBAD legal team Simmons & Simmons said.
The businessman bet 99 million pounds and lost over 18 million pounds at Grosvenor's Clermont Club in Mayfair during an eight week gambling spree from December 1999 to February 2000, the law firm said.
The firm said Grosvenor obtained judgment against the businessman for payment of the two unpaid cheques, but was unable to enforce its judgment.
Grosvenor then turned its case against NBAD and the businessman's bankers in Mayfair, UK lender NatWest, according to the firm.
Simmons & Simmons said the Royal Courts of Justice in London dismissed Grosvenor’s claims in "deceit and contract".
The court also concluded that Grosvenor had not in any event suffered a loss - it actually made a profit out of the gaming, according to the firm.
"This is an excellent outcome for NBAD and thoroughly deserved. NBAD has vigorously defended itself since proceedings were first threatened by the casino in 2003. The bank’s robust approach has been vindicated," Simmons & Simmons financial litigation partner Jonathan Kelly said in a statement. Source
Grosvenor Casinos claimed NBAD was liable for bounced cheques written by a wealthy UAE businessman, as the casino had extended credit to the gambler based on informal discussions with the bank, NBAD legal team Simmons & Simmons said.
The businessman bet 99 million pounds and lost over 18 million pounds at Grosvenor's Clermont Club in Mayfair during an eight week gambling spree from December 1999 to February 2000, the law firm said.
The firm said Grosvenor obtained judgment against the businessman for payment of the two unpaid cheques, but was unable to enforce its judgment.
Grosvenor then turned its case against NBAD and the businessman's bankers in Mayfair, UK lender NatWest, according to the firm.
Simmons & Simmons said the Royal Courts of Justice in London dismissed Grosvenor’s claims in "deceit and contract".
The court also concluded that Grosvenor had not in any event suffered a loss - it actually made a profit out of the gaming, according to the firm.
"This is an excellent outcome for NBAD and thoroughly deserved. NBAD has vigorously defended itself since proceedings were first threatened by the casino in 2003. The bank’s robust approach has been vindicated," Simmons & Simmons financial litigation partner Jonathan Kelly said in a statement. Source
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