US jury finds Arab Bank liable for backing terrorism

In a landmark decision, a New York jury on Monday found the Jordan-based multinational Arab Bank liable on 24 counts of supporting terrorism by transferring funds to Hamas.

AFP| Updated: Sep 23, 2014, 03:00 AM IST

New York: In a landmark decision, a New York jury on Monday found the Jordan-based multinational Arab Bank liable on 24 counts of supporting terrorism by transferring funds to Hamas.

The verdict came after the jury deliberated for nearly two full days after a month-long trial at the eastern district court in Brooklyn.

"This is an enormous milestone," said Gary Osen, a lawyer on the team representing around 300 American relatives and the victims of 24 attacks carried out in Israel and the Palestinian territories.

"For the first time a financial institution is liable for supporting terrorism. The question now is to see how other financial institutions, regulators will deal with their banks and this decision," he added.

Shand Stephens, lawyer for Arab Bank, poured scorn on the verdict, saying it should not have been found on "evidence that thin."

Asked whether the Bank would appeal, he told reporters: "This verdict is going to be reversed."