UK Court Rule Gives Hope to Lebanese Who Lost Life Savings

SourceAl Bawaba
SectorEconomy
CountryLebanon

The case could have widespread ramifications for Lebanese banks that were already under extreme financial pressure. A judge ruled that UK resident Bilal Khalifeh could have his case demanding Blom Bank return his $1.4 million in savings heard in Britain. As Lebanon’s financial situation has spiraled out of control, citizens at home and abroad face restrictions in terms of withdrawing their money from Lebanese banks. This ruling, however, means that those living outside Lebanon now have legal recourse in order to recover their money. “The ruling has widespread implications because this part of consumer law has Europe-wide application,” said Khalifeh’s lawyer Joseph McCormick, a partner at law firm Rosenblatt. “My sense is that Lebanese banks are firefighting and obviously have a lot of other problems. But I suspect this is now much higher up on ...read more...