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U.S. court finds UBS not liable in lawsuit by alleging financial links to attacks in Israel

Feb 15 2013 Nate Raymond, Reuters

A U.S. appeals court refused Thursday to revive a lawsuit against UBS AG by U.S. victims of Hamas and Hezbollah attacks in Israel who claimed the bank aided international terrorism. The 2nd U.S. Circuit Court of Appeals in New York said the plaintiffs could not obtain relief against the Swiss bank on their claims. However, it also ruled a trial judge was wrong in holding that the victims lacked the legal standing to bring the case under federal terrorism laws. The lawsuit, filed in 2008, sought damages under the Anti-Terrorism Act on behalf of plaintiffs who said they or their family members were victims of bombings and rocket attacks from 1997 to 2006 conducted by Hezbollah and Hamas. The plaintiffs had contended that the two organizations, which the U.S. government has labeled terrorist groups, received billions of dollars in funding from Iran, which had received billions in cash from UBS from 1996 to 2004. UBS was fined $100 million by the Federal Reserve

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