Arab Bank plc has agreed to pay “slightly more than $1 billion” to settle terror funding claims in U.S. court, according to a lawyer with knowledge of the settlement.
Another source familiar with the deal said that the amount of the settlement is contingent on the fate of dismissed companion claims under the Alien Tort Statute, which are now pending before the U.S. Court of Appeals for the Second Circuit. If the alien tort claims are revived on appeal, the settlement amount will only increase. According to the source, the “amount is pretty well fixed,” and won’t fall under $1 billion.
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