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Standard Bank prevails in dispute with UNB involving irrevocable standby letter of credit

January 2010

Client(s) Standard Bank Plc

Jones Day London successfully represented Standard Bank Plc in a US$7m dispute with a U.A.E. bank, Union National Bank ("UNB"), arising from UNB's refusal to pay any sums to Standard Bank pursuant to the terms of an irrevocable standby letter of credit. The Firm was successful in recovering the entire disputed sum.

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