ALFADDA v. FENN

No. 97-7867.

159 F.3d 41 (1998)

Abdulaziz A. ALFADDA, Yusif Bin Ahmed Kanoo, a Partnership Company, Abddullah Abbar, Abdulaziz Kanoo, Ahmed A. Zainy, Abdulla Kanoo, Abdulrahman A. Al-Turki, Abdulrahman H. Sharbatly, Saad A. Alissa, and Abdullatif A. Alissa, Plaintiffs-Appellants, v. Richard A. FENN, Alef Bank, S.A., Alef Investment Corporation N.V., Saudi European Bank, S.A., Jamal Radwan, Saudi European Investment Corporation, N.V., Saudi Arabian & European Finanz Corp. B.V., Societe D'Analyses et D'Etudes Bretonneau, and Societe de Banque Privee (SBP), Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided September 28, 1998.


Attorney(s) appearing for the Case

Andrew L. Frey, Mayer, Brown & Platt, New York City (John M. Aerni, Leboeuf, Lamb, Greene & MacRae, New York City, Craig B. Glidden, Timothy J. Hill, Keith A. Rowley, Glidden Partners, LLP, Houston, Texas, Dan M. Kahan, Chicago, Illinois, Christopher Armeniades, Paris, France, of counsel), for plaintiffs-appellants.

David R. Jewell, Donovan, Leisure, Newton & Irvine LLP, New York City, (Alison S. Berger, Luigi D. Vissicchio, of counsel), for defendants-appellees Jamal Radwan, Saudi European Investment Corporation, N.V., Alef Investment Corporation N.V., and Alef Bank, S.A.

Robert Ted Parker, Berg, Ziegler, Anderson & Parker LLP, San Francisco, California, (Jeffrey B. Kirschenbaum, Joel Freid, of counsel), for defendants-appellees Saudi European Bank, S.A. and Société d'Analyses et d'Etudes Bretonneau.

Frank H. Wohl, Lankler, Siffert & Wohl, New York City, (Curtis B. Miner, of counsel), for defendant-appellee Société de Banque Privée (SBP).

BEFORE: WALKER, MCLAUGHLIN, Circuit Judges, and SHADUR, Senior District Judge.


BACKGROUND

MCLAUGHLIN, Circuit J.

Saudi European Investment Corporation ("SEIC") is incorporated in the Netherlands Antilles to invest Saudi Arabian capital in "Western markets." SEIC's stock is not publicly traded. Until 1989, its principal asset was Saudi European Bank ("SE Bank"), a French-licensed bank, headquartered in Paris. Although SEIC maintained an office in New York, and SE Bank had a branch there, SEIC's operations were indisputably based in...

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