By Chris Bruce
Units of Deutsche Bank, HSBC, Barclays, and other global banks were sued Nov. 9 by U.S. servicemembers and their relatives who said the banks helped Iran evade economic sanctions and fund terrorist groups.
The lawsuit in the U.S. District Court for the Southern District of New York also named Commerzbank, BNP Paribas, Standard Chartered Bank, Royal Bank of Scotland, Crédit Agricole, and Credit Suisse ( O’Sullivan v. Deutsche Bank AG , S.D.N.Y., 17-cv-08709, complaint filed 11/9/17 ).
The plaintiffs, who are servicemembers or families of servicemembers injured or killed in terrorist attacks in Iraq between 2003 and 2011, said Iran, its agents and proxies, used U.S. currency “knowingly provided to them by Defendants to fund the very Terrorist Groups who perpetrated the Terrorist Attacks which killed or injured Plaintiffs.”
“Without the material support provided by Defendants to Iran and its Agents and Proxies, the Terrorist Groups would not have been able to carry out such Terrorist Attacks on the scale and with the lethality in which they were perpetrated,” the suit said.
The suit was brought under the Anti-Terrorism Act of 2001 and the Justice Against Sponsors of Terrorism Act of 2016. Deutsche Bank spokesman Lawton King declined to comment, as did Julie Gibson of Standard Chartered.
HSBC spokesman Rob Sherman said HSBC has “the utmost respect” for service personnel and their families. “We are committed to combating financial crime and have taken strict steps to help keep terrorists and other bad actors out of the global financial system,” Sherman said in an email to Bloomberg Law. Spokespersons for other banks named in the suit did not immediately respond to a request for comment.
The plaintiffs are represented by Seth A. Katz of Burg Simpson Eldredge Hersh & Jardine in Englewood, Colo.
To contact the reporter on this story: Chris Bruce in Washington at email@example.com
To contact the editor responsible for this story: Michael Ferullo at MFerullo@bna.com
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)