US Court Orders Lebanese Banks to Pay $150 Million for Denying Transfer

  • Economics
US Court Orders Lebanese Banks to Pay $150 Million for Denying Transfer

The court ordered the three banks to pay $150 million in damages to the two couples which also cover the lawyers’ fees.

A Lebanese-American couple filed lawsuits in New York against three Lebanese banks and the Central Bank for allegedly refusing to transfer their $18 million deposits abroad.

The court ordered the three banks to pay $150 million in damages to the two couples which also cover the lawyers’ fees.

“Plaintiffs Joseph A. Daou and Karen M. Daou are married United States citizens who deposited hard earned United States dollars (“USD”) in three Lebanese banks, only to be preyed upon by the Ponzi scheme that is the Lebanese banking system,” the United States District Court Southern District Court of New York said in the document filed in June 10, 2020.

Read the full article at The Daily Star: https://bit.ly/37pc5Hy

 

 

Source: The Daily Star