28/01/2013 22:58:00

UPDATE: Victims of 1983 Beirut Attack Seek $2.66 Billion From HSBC

Related content
Related debate
26 Apr - 
Jeg medgiver gerne, at jeg praktisere absolut laveste f..
25 Apr - 
Problemet er at 6212 er totalt uvederhæftig. Intet udsa..
25 Apr - 
For min del udgør 6212 blot en vinkel på finanssektoren..

--Relatives of U.S. Marines killed in a 1983 terrorist attack are seeking $2.66 billion from HSBC

--The victims allege that the bank gave misleading information about its Iranian assets

--The lawsuit is part of an effort to recover a 2007 judgment against Iran

(Updates with HSBC declining comment and background in the fifth and seventh paragraphs.)

By Kristin Jones

Family members of U.S. Marines killed in a 1983 suicide bombing in Beirut have asked a U.S. federal court to force HSBC Holdings PLC (HBC, 0005.HK, HSBA.LN) to pay a $2.66 billion judgment against Iran, saying the bank gave misleading information about its holdings of Iranian assets.

The motion is part of an effort to recover a 2007 federal court judgment against Iran for its responsibility in the attack on a U.S. Marine Barracks that killed 241 American service members.

A group of 1,300 family members and survivors is suing under a U.S. law that allows victims of terrorism to enforce their judgment against assets of state sponsors of terror. The group has been working to collect the judgment by initiating legal action against international financial institutions alleged to hold Iranian assets.

Survivors and family members allege HSBC USA, N.A. gave misleading information in April 2008 when it said it didn't have any Iranian assets. However, in response to a subsequent subpoena, HSBC USA said it did hold Iranian funds at the time.

Rob Sherman, a spokesman for HSBC, said the bank declined to comment.

HSBC has lately come under fire for failures in oversight related to suspected money laundering and other illicit financial transactions. The bank in December agreed to pay $1.9 billion to settle allegations that it had failed to implement proper anti-money laundering controls, which led to the funneling of prohibited financial transactions through the U.S. financial system--including from sanctioned entities in Iran.

A similar lawsuit was filed last year by the victims' group against Standard Chartered PLC (STAN.LN, 2888.HK), alleging that the bank kept Iranian assets hidden that could have been seized as part of the 2007 ruling. The group has also sued Clearstream Banking SA of Luxembourg, a unit of Germany's Deutsche Borse AG (DBOEF, DB1.XE, DB9.XE) for allegedly assisting Iran in moving millions out of the U.S. financial system.

Write to Kristin Jones at kristin.jones@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

January 28, 2013 17:58 ET (22:58 GMT)

Copyright (c) 2013 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Regulatory news

Form 8.3 - Synergy Health Plc

27/05/2015 15:25:23
  FORM 8.3   PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESEN..

Alliance Trust PLC : Net Asset Value(s)

27/05/2015 12:47:21
ALLIANCE TRUST PLC At the close of business on Tuesday 26 May 2015, the unaudited net asset value per ordinary share of 2.5p, valued on a bid price bas..

Total voting rights

27/05/2015 10:58:31
27th May 2015 Intermediate Capital Group plc TOTAL VOTING RIGHTS Intermediate Capital Group plc (the "Company") has made an application for the admi..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
THE EUROPEAN INVESTMENT TRUST PLC - Half-yearly Report
2
Mobistar carefully welcomes the new wholesale price proposal in the context of the cable network regulation in the Brussels region
3
ALBIOMA : Point sur les opérations à fin mai
4
WellCare Announces Pricing Of Notes
5
Höegh LNG - Awarded FSRU Contract in Chile

Related stock quotes

Hsbc Hldgs.Uk ORD $0.50 .. 620.82 0.0% Stock price unchanged
Standard Chartered PLC O.. 1,063.38 0.0% Stock price unchanged
Hsbc Holdings 8.76 0.0% Stock price unchanged

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2015   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
28 May 2015 04:50:24
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150527.2 - EUROWEB1 - 2015-05-28 05:50:24 - 2015-05-28 04:50:24 - 1000 - Website: OKAY