A group of Families failed in 2019 to seek compensation from x10 banks for death or injury due to dealing with terrorists
A group of American citizens killed or injured by terrorist attacks in Iraq and/or their families filed a civil action in November 2014 against ten banking institutions (listed later).
The bereaved families (Plaintiffs) alleged a wide-ranging conspiracy, first formed in 1987, to:
- Evade U.S. sanctions on financial and business dealings with Iran,
- Conduct illicit trade-finance transactions,
- Conceal the involvement of Iranian agents in financial payments to and from U.S. dollar-denominated accounts, and
- Facilitate Iran’s provision of material support to support terrorist activities and organizations, including Hezbollah.
The members of the alleged conspiracy include:
- HSBC HOLDINGS PLC, HSBC BANK PLC, HSBC BANK MIDDLE EAST LIMITED, HSBC BANK USA, N.A.,
- STANDARD CHARTERED BANK,
- ROYAL BANK OF SCOTLAND, N.V.,
- CREDIT SUISSE,
- BANK SADERAT PLC,
- COMMERZBANK AG,
2.The Government of Iran,
3.Multiple state-affiliated and private Iranian entities that, at times, operate as financial and logistical conduits for the Islamic Revolutionary Guard Corps’s (“IRGC”) and
4.Hezbollah’s terrorist activities.
The judge’s conclusion and summing up was as follows:
- The tragedy of what happened to Plaintiffs and their families at the hands of terrorists in Iraq cannot be understated nor should their sacrifices for this country be forgotten.
- Unsatisfying as the Court’s decision today may be from a moral or policy perspective, it is up to Congress, and not the judiciary, to authorize terrorism victims to recover damages for their injuries from financial institutions that conspire with state sponsors of terrorism like Iran to evade U.S. sanctions under circumstances such as those presented in this case.
- In its present form, however, the law does not provide for such recovery.
United States District Judge - Dated: September 16, 2019 - Brooklyn, New York - https://buckleyfirm.com/sites/default/files/Buckley%20InfoBytes-%20Freeman%2C%20et%20al%20v.%20HSBC%20Holdings%2C%20et%20al%20-%20district%20court%20opinion%20-%202019.09.16.pdf
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email firstname.lastname@example.org.