Arcapita Sues Al Baraka, Alubaf in Effort to Recoup $45.3 Million

Arcapita Bank is suing two Arab banks to recover a total of $45.3 million the investment firm transferred to them just before its 2012 bankruptcy filing. The suits, filed by the Bahrain-based bank against Saudi Arabia's Al Baraka Banking Group BSC and Bahrain-based Alubaf Arab International Bank BSC, are the biggest of 59 lawsuits Arcapita filed on Monday seeking money it shelled out within 90 days before its March 2012 bankruptcy filing. Arcapita is suing two units of Al Baraka for a total of $35.3 million and is going after Alubaf for $10 million in a separate suit.