Hezbollah Victims Sue Two Banks For $650M

Law360, New York (July 15, 2008, 12:00 AM EDT) -- Eighty-five victims of terrorist rocket fire in Israel have filed a lawsuit against American Express Bank Ltd. and Lebanese Canadian Bank SAL, alleging that their financial services enabled Hezbollah to execute the attacks.

The suit, filed Friday in the New York City Supreme Court, demands punitive damages to be determined at trial and compensatory damages of at least $650 million.

Both AmEx Bank and LCB breached their duties to monitor and report illegal or suspicious banking transactions, the complaint says.

The suit also alleges that the...
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