Cuneo Gilbert & LaDuca, along with Cecchi Brody & Agnello, Lockridge Grindal & Nauen, and Barrett Law Group Files Globally Significant Class Action RICO Case Against Lebanese Banks: Banque du Liban, Byblos Bank, S.A.L., Ernst and Young Accounts and More
For years, Banque du Liban (BDL) and Byblos Bank, S.A.L. (Byblos), and others (together, the “Lebanese Banking Enterprise”) have stolen billions of dollars. By luring in U.S. depositors under the guise of exorbitant interest rates to misrepresenting its own financial health, the Lebanese Banking Enterprise has systematically defrauded thousands of U.S. citizens and residents. The crisis has led to a loss of faith in the banking system, with the majority of people unable to access their life savings, creating unprecedented poverty and unemployment rates.
CGL along with co-counsel filed a first-of-its kind RICO case in the U.S. District Court for the District of New Jersey to right this wrong.
“We pride ourselves on fighting for our clients, no matter the opponent. Our clients find themselves under attack by the very fiduciaries that are mandated to safeguard their livelihoods, and we take that very seriously,” says Charles LaDuca, Chairman of Cuneo Gilbert & LaDuca. “Lives were destroyed by the Lebanese banks’ actions. We intend to advocate aggressively for our clients, and filing this first-of-its kind case is just the first step towards justice.”
“This case will impact thousands of lives,” says Don Barrett, a Partner with Barrett Law Group, P.A. “This Ponzi scheme has been going on for years, and it is long past time we do something about it.”
Starting in the 1990s, following the end of a brutal civil war, the Lebanese Banking Enterprise took advantage of the economic chaos. The bank targeted U.S. depositors, specifically U.S. citizens of Lebanese descent, through offering incredibly high interest rates and touting a strong relationship with U.S. banks. The interest rates they claimed to offer were entirely unsustainable.
After luring in their victims, the Lebanese Banking Enterprise conducted a bait-and-switch. The banks convinced depositors to convert their U.S. dollars to Lira, the Lebanese currency, using their conversion rates. The artificial conversion rates misrepresented the value of the Lira, leaving victims with nothing.