Arab Bank to pay victims of Palestinian terror, precise figure depends on upcoming appeal

The Jordanian based Arab Bank reaches settlement with families of Palestinian terror victims, setting aside $1 billion to cover claims.

By David Rosenberg

The Amman-based Arab Bank on Tuesday agreed to settle a class action lawsuit brought by the families of terror victims killed in attacks the plaintiffs say the Arab Bank helped fund.

The settlement stems from a 2014 decision by a New York jury finding the bank liable for damages. According to the lawsuit, the bank knowingly maintained accounts for Hamas terrorists and transferred payments to relatives of suicide bombers from 2000 to 2005.

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Bank officials said in January that $1 billion had been set aside for “expected obligations” related to the lawsuits, according to a report byReuters. Continue Reading »