It also claims that the banks knowingly assisted Hezbollah in its “illicit activities, including money laundering, sanctions evasion, arms export violations, drug trafficking, kidnapping for ransom, and terrorist financing.”
According to the U.S. Supreme Court, the banks can be subject to civil liability under the Anti-Terrorism Act which prohibits financing terrorism.
Recently, however, the Association of Banks in Lebanon (ABL) slammed the lawsuit saying it was “devoid of credibility.”
Earlier this year, the banks filed a joint reply calling for the dismissal of the case as they claim it baseless. The banks also cited similarities between this complaint and previously dismissed complaints against Lebanese banks.
The suit, referred to as the Société Générale (SGBL) Case, was filed in the Brooklyn, NY federal district court by a law firm called Osen LLC.
“We’re pleased that the Court has decided to allow the case to proceed and we’re hopeful that evidence ultimately collected and disclosed in this case will not only vindicate the plaintiffs’ specific claims against these defendants but will also empower those who seek to genuinely reform Lebanon’s banking system,” the firm told The961.
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