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Article

23 Sep 2014

Author:
Stephanie Clifford, New York Times

US jury finds Arab Bank liable for supporting Hamas terrorist attacks in Israel

"Arab Bank Liable for Supporting Terrorist Efforts, Jury Finds", 22 Sep 2014

A federal jury on Monday found Arab Bank liable for knowingly supporting terrorism efforts connected to two dozen attacks in the Middle East, the first time a bank has ever been held liable in a civil suit under a broad antiterrorism statute. Arab Bank, a major Middle Eastern bank with $46 billion in assets, was accused of knowingly supporting specific terrorist acts in and around Israel during the second Palestinian uprising of the early 2000s. The verdict is expected to have a strong impact on similar legal efforts to hold financial institutions responsible for wrongdoing by their clients, even if the institutions followed banking rules, and could be seen as a deterrent for banks that conduct business in violent areas…In a statement released after the verdict, Arab Bank said that “any proceeding conducted under the district court’s improper sanctions” would be “nothing more than a show trial.”