Defendant Arab Bank
The lawsuit alleges that the Arab Bank is majority owned and/or controlled by members of the Shoman family who founded the bank in Jerusalem in 1930. The lawsuit states that a member of the Shoman family served as a high ranking member of the PLO when the PLO was founded in the 1960s.
The Bank does business in the United States and approximately 30 other countries on over five continents with over 7,000 employees. It has consolidated assets of US$ 32 Billion. 22 branches of the Bank operate in the Gaza and West Bank. Its headquarters are in Amman, Jordan and the common stock of the Bank is publicly traded on the Amman Stock Exchange.
The lawsuit alleges that Arab Bank knowingly and willfully administers a comprehensive "terrorist insurance" scheme. The plaintiffs allege that Arab Bank finalizes a list of eligible beneficiaries and then distributes money through various accounts to them. Hamas and Palestinian Islamic Jihad have used the Internet to seek funds to support their activities openly directing money to be sent to Arab Bank accounts. The Lawsuit states that by these activities defendant Arab Bank has knowingly and substantially assisted the terrorist organizations.
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