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Drumbeat: Ad Buzzaar
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Tuesday, August 25, 1998
SBI unfazed by US law suit
ENS ECONOMIC BUREAU
MUMBAI, Aug 24: The State Bank of India remained unfazed by the "discrimination law suit" filed in New York State Supreme Court in Manhattan -- against the country's largest commercial bank and another public sector bank, Bank of India -- seeking over $450 million in damages.The banks are engaged in race discrimination and violated the US constitution by refusing to sell Resurgent India Bonds (RIB) to the suit's named plaintiff Leonard Schoenfeld and other non-Indians, the lawsuit said. The RIB issue closed on Monday after mopping over $3.5 billion from NRIs and OCBs. "I don't see any problem...we notified the bond to the Securities & Exchange Council and State Department of Banking in New York well in advance," said an SBI official. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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