High Court Snubs $2.7B HSBC Iran Sanctions Case

Law360, New York (January 12, 2015, 5:51 PM EST) -- The U.S. Supreme Court on Monday rejected an appeal seeking nearly $2.7 billion in sanctions against HSBC Bank USA NA over its alleged failure to disclose Iranian assets, dismissing arguments by families of U.S. Marines killed in a 1983 Beirut bombing.

The decision affirms D.C. Circuit and district court rulings finding HSBC could not be sanctioned over roughly $25,000 in blocked electronic fund transfers. In both cases, the courts ruled the funds are not Iranian property and thus cannot be seized as part of a 2007 judgment holding the country accountable for the attack. Plaintiffs claimed the bank should pay over...

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