Beirut, Lebanon – A US court of appeals ruled this week that cases against Lebanese commercial banks can be heard outside of Lebanon, allowing depositors to unlock frozen funds, Reuters reported.
The court overturned a federal district court’s decision that Beirut courts had “exclusive jurisdiction” to try cases against Lebanese banks in a case brought by Lebanese depositors against Bank Audi.
In the midst of Lebanon’s three-year financial collapse, banks have tightened controls on withdrawals in both US dollars and the local currency.
Savers have challenged the restrictions in local and international courts, seeking to get back their money promptly in US dollars.
