The Saudi Algosaibi family gave up their fight against claims from five banks linked to a high-profile $22 billion feud within their clan over the collapse of their financial empire. The family's Ahmad Hamad Algosaibi & Brothers partnership said it was dropping its defence against claims worth some $250 million by banks such as British lender HSBC and French group Credit Agricole.
"The Algosaibi family has taken the decision to no longer defend claims brought by five banks in the English commercial court," the family said in a statement after a short hearing on what was the fourth day of the trial.
The collapse of two Bahraini banks in 2009 - one owned by the Algosaibis and the other by Saudi businessman Maan al-Sanea - has split the family and left some of the world's biggest banks nursing billions of dollars in losses.
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