US appeals court says lawsuit against Lebanese bank can proceed – The National

US appeals court says lawsuit against Lebanese bank can proceed – The National

A US court of appeals has ruled that cases against Lebanese commercial banks can be tried outside Lebanon, paving the way for more cases by depositors seeking to unlock their frozen funds.

The court decision, issued on Thursday in a case brought by Lebanese depositors against leading lender Bank Audi, overturned a federal district court's decision that said Beirut courts had "exclusive jurisdiction" to try cases against Lebanese banks.

During Lebanon's three-year financial collapse, banks have imposed tight controls on withdrawals in both US dollars and the local currency, which has lost more than 90 per cent of its value.