US court decision against Lebanon’s banks gives hope to depositors – The National

US court decision against Lebanon’s banks gives hope to depositors – The National

A US court ruling that cases against Lebanese commercial banks can be tried outside Lebanon has given hope to depositors who have been unable to access their frozen savings since the start of the country's economic crisis.

“The fact that foreign courts are establishing jurisdiction over cases against Lebanese banks is a very positive step for depositors because the ruling class has paralysed Lebanese justice," said Fouad Debs, a lawyer and the co-founder of Lebanese Depositors Union.

According to Reuters, the decision came after a complaint filed by a Lebanese family in December 2020 against Bank Audi, one of the country's biggest banks, was first dismissed by a federal district court's decision on the grounds that local courts had “exclusive jurisdiction” to hear cases against Lebanese banks.