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J. Safra Sarasin loses appeal in biggest GCC financial misselling case

The Swiss private bank and its Dubai subsidiary have lost an appeal to the Court of the Dubai International Financial Centre (DIFC). This comes after they were found liable for misselling investments to a wealthy Kuwaiti family, and ordered to pay more than US$70 million in damages. This was the first time that the court has awarded US-style punitive damages…

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