Bankmed controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2019
IMMS sues BankMed over $1 billion deposit
Lawsuit filed
IMMS filed a lawsuit against BankMed in New York, accusing the bank of failing to return a $1 billion deposit when requested. The allegations are described in the court filing; the source reports no determination by a court.
Source excerpt
IMMS Chief Executive Murtaza Lakhani, who trades European, Middle Eastern and Asian oil and oil products, said he would not comment beyond the case, filed with the Supreme Court of the State of New York on Nov. 22.
Oil trader IMMS has taken Lebanese bank BankMed to court in the U.S. state of New York accusing it this month of failing to return $1 billion of its deposits when requested, according to court documents seen by Reuters.
IMMS, represented by New York law firm Meister Seelig & Fein, said in its filing that in November 2018 it deposited $1 billion with BankMed for three years at “a high interest rate.”