New Law Suit Goes After U.S. Banks for Role In Terror Financing

By Evan Abrams

Last week a lawsuit was filed on behalf of 200 American soldiers and family members of soldiers killed in Iraq who accused five U.S. banks of helping to finance terror activities through interactions with Iran. This civil suit came on the heels of several cases brought by federal prosecutors that have been largely settled over the past few years. According to the New York Times, the suit did not assert that U.S. banks directly financed the attacks, but that they indirectly assisted in doing so by engaging in transactions with Iranian institutions who had links to Hezbollah. The article paints the current suit as emblematic of a growing legal trend and expects more such suits in the future since it is nearly impossible to recover damages from individual terrorists.