Osen LLC in the News

Are Credit Suisse, RBS, Standard Chartered, HSBC and Barclays terrorist banks? - Bloomberg Businessweek - February 23, 2015

Steven Vincent had just left a money exchange in the southern Iraqi city of Basra when a group of men in police uniforms drove up in a white truck and grabbed him and his translator. It was Aug. 2, 2005. Vincent, a freelance American journalist, had reported on the war for two-and-a-half years. British troops occupied Basra, but he operated without an embed arrangement. British and Iraqi authorities later found Vincent on the outskirts of the city shot dead. The Iraqi translator survived.

“Switched Off in Basra,” in which he described the infiltration of the local police by Iranian-backed Islamic extremists. “Steven was executed for what he wrote,” says his widow, Lisa Ramaci. She’s set up a foundation in his name that donates money to the families of Iraqis injured or killed because of their work with U.S. journalists. And Ramaci did something else. In November she joined a lawsuit on behalf of relatives of U.S. soldiers and civilians who’ve died in Iraq as a result of violence linked to Iranian-backed militias and terrorist groups.

The suit, filed in federal court in Brooklyn, N.Y., seeks hundreds of millions of dollars not from death squads, whose members aren’t likely to show up with lawyers in tow. Instead, it targets five of the largest banks in the world: HSBC, Credit Suisse, Barclays, Standard Chartered, and Royal Bank of Scotland. “Defendants,” the suit declares, “committed acts of international terrorism.” The suit, known as Freeman v. HSBC, takes its name from lead plaintiff Charlotte Freeman, whose husband, Brian, an Army captain, died in a Jan. 20, 2007, attack by Iranian-trained militants in Karbala, Iraq.

Veterans Accuse Six Banks of Aiding U.S. Foes - Wall Street Journal - November 11, 2014

Suit Alleges Institutions Helped Iran Move Millions of Dollars to Groups Targeting GIs in Iraq - More than 200 veterans and their families filed a lawsuit Monday accusing six major banks of helping Iran move tens of millions of dollars to groups targeting U.S. soldiers in Iraq during the war.

Suit Accuses Banks of Role in Financing Terror Attacks - The New York Times - November 11, 2014

A five-car convoy opened fire on a compound 30 miles south of Baghdad, a sneak attack that killed four American soldiers in one of the deadliest days in the Iraq war. A roadside bomb struck a United States military vehicle, severing part of a soldier’s head. And a militant group kidnapped and killed an American journalist, dumping him in the street after firing three shots into his chest.

Those acts of terrorism occurred a world away from Wall Street at the height of the Iraq war. But they now underpin a lawsuit against some of the world’s biggest banks, injecting a human element into the complex and shadowy world of international finance.

U.S. soldiers’ families sue HSBC, other banks, say they conspired with Iran terrorists - Daily News NY - November 10, 2014

The families of dozens of American soldiers killed or wounded in Iraq are suing five international banks of conspiring with Iran to evade U.S. sanctions and provide material support to terrorist groups. They’re represented by lawyer Gary Oser, who recently won a jury verdict that found Arab Bank liable for 24 Hezbollah terrorist attacks in Israel.

U.S. veterans sue banks, claim they should pay for Iraq attacks - Reuters - November 10, 2014

NEW YORK (Reuters) - Wounded U.S. veterans and family members of U.S. soldiers killed in Iraq sued five European banks on Monday, seeking to hold them responsible for shootings and roadside bombings because they allegedly processed Iranian money that paid for the attacks.

Barclays, HSBC Sued by U.S. Soldiers Over Attacks in Iraq - Bloomberg - November 10, 2014

Barclays Plc (BARC) and HSBC Holdings Plc were among six banks sued by U.S. soldiers and their relatives over claims they helped Iran process billions of dollars in transactions and support terrorists who attacked them while serving in Iraq.

Lenders including Standard Chartered Bank (STAN), Credit Suisse Group AG (CSGN) and Royal Bank of Scotland NV allegedly conspired with Iran and its banks to withhold data from transactions, enabling them to circumvent monitoring by U.S. regulators, according to a complaint filed today in Brooklyn, New York, federal court. The scheme dates to 1987, the soldiers claim.

Appeals Court Revives Lawsuit Filed by Terror Victims Against UK Bank - Wall Street Journal - September 22, 2014

As a federal jury debates whether Jordan’s largest bank provided assistance to Hamas, a New York federal appeals court reinstated a lawsuit filed by victims of the group against a UK bank.

The Second U.S. Circuit Court of Appeals ruled Monday that a federal district judge got it wrong when she threw out legal claims by about 200 U.S. victims of Hamas attacks who claimed that National Westminster Bank NWBD.LN +0.96% PLC provided banking services to a London-based charity with alleged ties to the group.

The lawsuit, which the Second Circuit sent back to federal trial court in Brooklyn, was filed under the Antiterrorism Act, a 1990 law that gives victims of international terrorism recourse in U.S. courts.

The ruling came as jurors in the same federal trial court were deliberating similar claims against Arab Bank PLC, which is accused by victims of Hamas attacks of routing compensation from Saudi donors to the families of suicide bombers and provided banking services to Hamas leaders and charities allegedly controlled by the group.

The Global Lawyer: Is Arab Bank Headed for Trial? - The Litigation Daily - July 7, 2014

By denying certiorari last week in Linde v. Arab Bank, the U.S. Supreme Court cleared the way for a terrorism finance case to begin trial on Aug. 11. About 300 U.S. citizens who were injured or lost a relative in the second Palestinian intifada allege that Arab Bank funneled "martyr payments" to families of suicide bombers, and they're seeking to hold Jordan's leading bank liable under the U.S. Antiterrorism Act. Is it possible the trial will really happen?

How Posters Stolen by the Nazis Resurfaced At A Jewish Museum in Florida - WLRN - August 27, 2013

Hans Sachs left this earth without knowing what happened to his beloved poster collection. In 1898, when Sachs was a teenager, he began collecting posters in Berlin of advertisements, political propaganda and rare pieces of famed artists such as Cheret, Kandinsky and Lucian Bernhard. His passion for graphic art was so serious he amassed 12,500 posters and a separate collection of 18,000 tins, postcards and theater programs reflective of this art form.

Arab Bank Ruling Is Bright Spot for Terrorism Plaintiffs - The American Lawyer - April 25, 2013

It's been a rough few months for plaintiffs seeking to hold companies liable in U.S. courts for overseas violence, culminating with last week's U.S. Supreme Court decision in Kiobel v. Royal Dutch Petroleum Co. restricting the reach of the Alien Tort Statute. But plaintiffs caught a break Wednesday in a lawsuit targeting Arab Bank over its alleged financing of the Palestinian group Hamas.

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