WASHINGTON, Oct. 3, 2013 /PRNewswire/ -- Kalbian Hagerty LLP announced today that a large Saudi based merchant family enterprise agreed to dismiss a $9 billion civil case it had filed in federal court in Los Angeles against its client, Glenn Stewart, a California resident and former chief executive of The International Banking Corporation (TIBC) in Bahrain.
The Al Gosaibi family of Saudi Arabia and the family's partnership, Ahmad Hamad Al Gosaibi and Brothers (AHAB), filed the suit against Stewart seeking $9 billion in damages for fraud, breach of fiduciary duty, and conspiracy among other claims under the laws of California, Saudi Arabia and Bahrain.
Under the agreed settlement, Stewart will not have to pay AHAB any money.
"After several years of scorched earth litigation where we chipped away at the plaintiff's case, we feel totally vindicated by this settlement," said Haig V. Kalbian, lead counsel for Stewart. Kalbian, a founding partner with the Washington, DC and Abu Dhabi-based law firm Kalbian Hagerty LLP, has represented Glenn Stewart since April of 2011 when the suit was initially filed. "We knew that this case should never have been brought against Glenn Stewart. The fact that the other side has walked away from the case for no money speaks volumes."
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SOURCE Kalbian Hagerty LLP