Arab Bank Reaches Settlement with American Terror Victims

Arab Bank has reached a settlement with hundreds of American victims of attacks in Israel and the Palestinian Authority who filed a lawsuit accusing the bank of supporting terrorism, AFP reported on Friday.

A spokesperson for the bank confirmed to the news agency that an agreement had been reached, but provided no details of the settlement.

The amount of the settlement was not immediately revealed.

One of the lawyers for the plaintiffs said the Bank would make a statement and declined to comment.

Last year, a U.S. jury in a federal court in Brooklyn found the Jordan-based multinational liable for financing terrorism by transferring funds for members of Hamas.

The bank later said it would appeal the verdict, saying the judge’s instructions were “erroneous” and mistakes were made in determining which evidence would be allowed.

A second trial, where a jury would determine how much the Bank should pay in damages to 17 of the plaintiffs, was due to start in Brooklyn next week.

Three hundred plaintiffs sued the Bank, including victims and relatives of victims of attacks carried out in Israel, Gaza and Judea and Samaria between 2001 and 2004.

At trial, the defense said there was no evidence Bank executives supported terrorism and rejected any suggestion that the firm knowingly made payments to designated terrorists.

The plaintiffs said the bank transferred more than $70 million to an alleged Saudi terror entity, charities they claim were a front for Hamas and 11 globally-designated terrorist clients.

(Arutz Sheva’s North American desk is keeping you updated until the start of Shabbat in New York. The time posted automatically on all Arutz Sheva articles, however, is Israeli time.)

Source: http://www.israelnationalnews.com/News/News.aspx/199481

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