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Lloyd’s Underwriters Sue Saudi Bank Over Sept. 11 Claims

Sept. 12 (Bloomberg) -- Members of Lloyd’s of London’s Syndicate 3500 sued Saudi Arabia’s National Commercial Bank and other defendants seeking the recovery of $215 million in claims paid to victims of the Sept. 11, 2001, terrorist attacks.

National Commercial, Saudi Arabia’s largest lender, and other Islamic banks and charities helped fund or channel funds to Osama bin Laden’s al-Qaeda network, which was responsible for the attacks in New York and Washington, lawyers for the syndicate said in a complaint filed last week in federal court in Pittsburgh.

“Absent the sponsorship of al Qaeda’s material sponsors and supporters, including the defendants named herein, al Qaeda would not have possessed the capacity to conceive, plan and execute the September 11th attacks,” according to the complaint.

The suit seeks recovery of amounts paid in settlement of Sept. 11 aviation cases. The families of about 600 people killed in the attacks sued National Commercial in 2002 seeking to freeze the assets of the bank.

The case is Underwriting Members of Lloyd’s Syndicate 3500 v. Kingdom of Saudi Arabia, 11-00202, U.S. District Court, Western District of Pennsylvania (Pittsburgh).

To contact the reporter on this story: Sophia Pearson in Philadelphia at spearson3@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

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