On November 30, BPI, together with the Institute of International Bankers, the Chamber of Commerce, and the American Bankers Association, submitted a motion for leave to file its amicus curiae brief with the Second Circuit Court of Appeals in Siegel v. HSBC Bank USA. The brief encourages the Court to reaffirm the appropriate statutory limits of secondary liability under the Anti-Terrorism Act, noting that under the plaintiffs’ theory, any bank providing clearing services in the U.S. could potentially be subject to substantial damage awards and reputational injury based upon terrorist acts committed without its knowledge or involvement. The brief addresses the potential chilling effect on international finance and trade associated with broadening secondary liability in ATA cases beyond that contemplated by the statute.
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