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Sumitomo Mitsui Banking Corporation successfully sues fraudster Bill Papas and related companies for largest banking fraud perpetuated in Australia

October 2024

Client(s) Sumitomo Mitsui Banking Corporation

Jones Day represents Sumitomo Mitsui Banking Corporation ("SMBC") and its commercial leasing and finance subsidiary, SMBC Leasing and Finance, Inc., in federal court proceedings commenced against Bill Papas and his Forum group of companies regarding the largest banking fraud perpetuated in Australia against SMBC L&F, Westpac Banking Corporation, and Société Générale. The proceedings involved complex tracing, proprietary claims, and cross-border issues. SMBC successfully sued the fraudster and knowing participants of the fraud, and Jones Day continues to represent SMBC to recover its stolen funds traced to assets.

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