Abu Dhabi Royals Drop Claim for $400 Million in BCCI Case

WASHINGTON —  U.S. officials settled a legal battle with Abu Dhabi on Saturday when the Persian Gulf state’s royal family agreed to give up claims to $400 million invested in First American Bankshares Inc., a U.S. bank illegally owned by the scandal-ridden Bank of Credit & Commerce International.

Sources said the agreement gives investigators access to a key figure in the scandal: Swaleh Naqvi, the chief deputy to BCCI founder Agha Hasan Abedi.

In return, a $1.5-billion lawsuit brought by First American’s court-appointed trustee against Abu Dhabi’s ruler, who was the majority shareholder in the now-defunct BCCI, will be dropped.