First American files BCCI suitFirst American Bankshares...


June 25, 1993

First American files BCCI suit

First American Bankshares Inc. filed a $1.5 billion civil lawsuit yesterday against the ruler of Abu Dhabi and 29 other defendants, alleging racketeering in BCCI's secret illegal takeover of what once was the Washington area's largest bank.

The 282-page suit outlines what it asserts was a five-year conspiracy led by Sheikh Zayed al-Nahyan and the now-defunct Bank of Credit and Commerce International to acquire First American in 1982. The racketeering suit was filed in U.S. District Court in Washington, a day after a court-appointed trustee sold First American to First Union Corp. of Charlotte, N.C., for $453 million.

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