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Arab Bank settlement over attacks in Israel tied to US appeal

By REUTERS

MAY 25, 2016 14:48

NEW YORK - Arab Bank Plc's agreement to settle litigation brought by Americans who accused it of facilitating militant attacks in Israel is linked to the outcome of an appeal of a jury's 2014 verdict finding it liable, according to a court filing.

US District Judge Brian Cogan in Brooklyn, New York, signed off on a $100 million judgment Tuesday for 16 plaintiffs whose cases were set to be the subject of a damages trial that was called off after the settlement was announced in August.

But the order, which was acting on a joint stipulation from the parties, also indicated that Jordan-based Arab Bank planned to move ahead with an appeal of the verdict finding it liable in connection with two dozen attacks attributed to Hamas.

The parties confirmed on Wednesday that the amount Arab Bank owes will be dependent on that appeal.

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