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A group of Families failed in 2019 to seek compensation from x10 banks for death or injury due to dealing with terrorists

30/11/2021

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:

  1. Evade U.S. sanctions on financial and business dealings with Iran,
  2. Conduct illicit trade-finance transactions,
  3. Conceal the involvement of Iranian agents in financial payments to and from U.S. dollar-denominated accounts, and
  4. Facilitate Iran’s provision of material support to support terrorist activities and organizations, including Hezbollah.

The members of the alleged conspiracy include:

  1. Defendants,
    • HSBC HOLDINGS PLC, HSBC BANK PLC, HSBC BANK MIDDLE EAST LIMITED, HSBC BANK USA, N.A.,
    • BARCLAYS,
    • 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:

  1. 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.
  2. 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.
  3. 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

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