NEW YORK - The Commercial Bank of Kuwait has won a $70 million judgment against two Iraqi banks in a lawsuit involving $1 billion in claims.
Rogers & Wells, the New York law firm that represented Commercial Bank of Kuwait in its suit against the Iraqi central bank and the state-owned Rafidain Bank, said the judgment is one of the first since the Persian Gulf War to be issued over active Iraqi opposition.
The Kuwaiti bank was seeking $30 million plus interest from each of the Iraqi institutions to cover loan payments owed since Iraq's 1990 invasion. A similar suit by Bank of New York is pending.
The judgment was issued in U.S. District Court for the Southern District of New York.