CAPITALS —AlGhad— Jordanian Arab Bank Plc won a ruling to dismiss a jury verdict holding it responsible for financing a wave of violence that killed or wounded Americans in Israel in the early 2000s, according to Bloomberg.
After the 2014 verdict, the parties agreed to a settlement in 2015 that the bank would pay at least USD100 million to a handful of the victims if the case was upheld on appeal, and a smaller amount if there was a reversal.
On Friday, a federal appeals court in New York overturned the verdict on legal grounds, saying the jury had been improperly instructed on legal issues.
The total payment to all 597 victims in the case wasn’t made public as part of the settlement. The bank said on Feb. 1, 2016 that it had reserved USD1 billion to cover “expected obligations” under the accord.
Arab Bank, the biggest lender in Jordan, was found liable for doing business with more than 150 Hamas leaders and operatives after a six-week trial that shed light on the roles banks play in funding terror groups. It was the first trial against a bank on claims that it violated the US Anti-Terrorism Act, which lets American victims of terror sue supporters of attacks.