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Dismissal of Terror Suit Against UBS Doesn’t Mean Similar Cases Will Fail
By Brian Monroe
printThe dismissal last month of a $500 million civil lawsuit against UBS AG for allegedly contributing to terrorist attacks won't impact rulings on similar lawsuits against other banks, say analysts. Nearly 50 survivors of terrorist attacks and family members of the slain sued the Swiss banking giant in May 2008 for illegally trading U.S. currency with sanctioned countries, including Iran. The Iranian trades, the plaintiffs said, helped support at least eight terrorist acts carried out by blacklisted groups Hamas and Hezbollah between July 1997 and July 2006. On Aug. 24, Southern District of New York Judge Jed Rakoff dismissed the...
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