Lebanese Canadian Bank to Pay $102 Million to Settle Suit
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Lebanese Canadian Bank agreed to pay $102 million to settle a U.S. government lawsuit alleging it took part in a scheme to launder drug-trafficking money and other funds for terrorists, prosecutors said.
The now-defunct Beirut-based bank will forfeit the funds to the U.S. under an agreement approved today by a federal judge, according to a statement from the office of Manhattan U.S. Attorney Preet Bharara. The U.S. claimed the bank helped launder at least $329 million through a scheme linked to Hezbollah, which is designated a foreign terrorist organization by the U.S. State Department.