Sanctions on Arab Bank to remain
A US court has upheld a sanction against Arab Bank for failing to turn over documents in a lawsuit accusing it of providing banking services to Hamas and other U.S.-designated terrorist groups.
The decision, handed down by the 2nd U.S. Circuit Court of Appeals, stems from the original case, filed in 2004, which has been consolidated with related lawsuits for pre-trial matters. It is expected to go to trial later this year, reported Reuters.
The 2nd Circuit said it has no standing to hear Arab Bank's appeal until the case was resolved by the lower court, the newswire reported. The sanction, ordered by U.S. District Judge Nina Gershon in 2010, means the jury in the case can consider the missing documents in their verdict.
Arab Bank said in a statement cited by Reuters that it is considering its appeals options and "continues to believe that the district court's sanctions order raises serious issues of international concern."
A lawyer for the plaintiffs, Gary Osen, is quoted as saying he was pleased with the appeals court's decision in the long-running case.
- As American decade of easy money ends, Gulf currencies brace themselves for a 'nervous breakdown'
- More money to be taken care of: private wealth growth in the GCC exposes need for prudence
- With $100 billion in foreign reserves: is Libya's central bank monopolizing the country's economic potential?
- After 23 years in office,why was the UAE's central bank governor replaced?
- Why Turkey's 'tense' relations with rating agencies is damaging
- US court rejects Arab Bank terrorist funding claims
- A plethora of trial errors and excluded evidence: Arab Bank to appeal liable verdict on supporting Hamas by New York court
- US judge to Israeli-American plaintiff: Hamas-Arab Bank link won't stand up in court
- Families of U.S. citizens killed or wounded in bombing attacks in Israel file $875 million lawsuit against Arab Bank
- Arab Bank, Shahin Group reach out of court settlement