Saudi investor to sue Lufthansa for €1bn over Austrian clash

© Boarding1now

Just as Lufthansa Group continues to haggle over the price of a major stake in Italy’s ITA Airways, comes the news that it may need all the cash it can get: it is being sued for $1.1bn. A former potential investor in Austrian Airlines offered to take a 20% stake when the carrier was struggling in 2008. However, he withdrew his offer after Austrian published unexpectedly poor financial results. Later, Lufthansa acquired the carrier, but Austrian has continued to sue the Saudi-born businessman. However, the 15-year legal battle has vindicated the investor, who now plans to sue for compensation for “business and reputational damage”, amounting to more than €1bn. CH Aviation reports.