US Victims of Attacks in Israel Sue Swiss Bank

UBS gave Iran money it knew would support terrorism, suit says
By Matt Cantor,  Newser User
Posted May 13, 2008 8:47 AM CDT
Pedestrians are reflected below a UBS office building logo Friday, April 25, 2008 in New York.    (AP Photo/Mark Lennihan)
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(Newser) – American victims of attacks in Israel are suing Switzerland's biggest bank for helping fund militants by providing money to Iran, Reuters reports. The lawsuit says UBS AG gave loans to Iran even though it supports Hezbollah, Hamas, and Islamic Jihad. The plaintiffs seek $500 million in damages for some 50 US citizens who were hurt or whose relatives were killed in attacks between 1997 and 2006.

The US fined UBS $100 million in 2004 for transferring money to Iran and other countries under US sanctions and then hiding the move. UBS said in 2006 it had severed ties with Iran. The suit claims that Iranian funding of terrorist organizations, which the US says amounts to tens of millions of dollars per year, “substantially increased” militants’ ability to attack.