Paris Court of Appeal refuses to revive arbitration claim against Cyprus (Saab v Cyprus)

Table of contents

• What did the court decide?

Article summary

Law360: In rejecting an action for annulment, the Paris Court of Appeal has refused to revive a US$1.4bn arbitration claim against Cyprus relating to the failure of FBME Bank Ltd and its Cypriot branch office, following its designation by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) as a financial institution of ‘primary money-laundering concern’ in 2014.