Saudi-Swiss case dismissed

A $350m lawsuit brought by Al-Khobar-based Al-Rushaid Parker Drilling (ARPD) against the private Swiss bank Pictet & Cie was dismissed from a New York court in early September for lack of personal jurisdiction. Justice Saliann Scarpulla said that a foreign bank’s “passive” receipt of funds through New York did not amount to purposeful business conduct in the state.The case was brought by the Saudi company in August 2011. ARPD alleged that three former senior employees laundered $4m in kickbacks through accounts with Pictet. “Pictet’s part in the conspiracy was clear – it was charged by the corrupted employees with responsibility of concealing their receipt of the bribe money,” its complaint said.