A Manhattan federal appeals court knocked out a liability verdict against a Jordanian bank accused of knowingly financing Hamas attacks in Israel.
A 2014 Brooklyn Federal Court jury verdict said Arab Bank’s business dealings put it on the hook for shootings and bombings in the early 2000s.
But the Second Circuit said jurors didn’t get proper legal instructions.
In August 2015, Arab Bank reached a confidential settlement with 597 victims or their relatives, court papers show.
Both sides agreed to forgo a retrial if the verdict was tossed.
Lawyers for the bank and attack victims fought each other bitterly for more than a decade in the case, the first of its kind to go to trial.
Gary Osen, a lawyer for the victims and their relatives, said “the plaintiffs will receive meaningful and very substantial compensation for their injuries.”
He added that the appellate ruling didn’t change “the fact a jury found Arab Bank liable for knowingly supporting Hamas.”
The bank said it was “pleased to put this case behind it and focus on its business, its commitment to safe and sound banking and its dedication to the service of its customers across the globe.”
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