NEW YORK, July 14, 2008 /PRNewswire via COMTEX/ -- Eighty five American, Israeli and Canadian victims of Hizbollah terror attacks have filed an historic civil action in the New York Supreme Court in Manhattan against American Express Bank Ltd. ("AMEX Bank") and the Lebanese-Canadian Bank SAL ("LCB"). The suit, Licci v. American Express Bank, requests $650 million in compensatory damages and an unspecified sum of punitive damages.
Amex Bank, headquartered in New York, serves as one of LCB's correspondent banks the United States, and in that capacity processes LCB's dollar transactions. LCB's main office is in Beirut, and it has branches throughout Lebanon and a branch in Canada.
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Here's how the article ends:
According to attorney Tolchin: "There will be more suits to come against Lebanese banks and their U.S. correspondents."
I doubt that's the kind of news AMEX shareholders like to hear at this particular moment in time.
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