The National Bank of Pakistan (NBP) won a high-profile terror financing case against it in New York’s Federal Court on Tuesday.
According to reports, NBP could have faced potential bankruptcy in the said case. The officials of the NBP however have not spoken on this matter.
According to the news reports, the plaintiff Harold Brown Sr withdrew the case.
NBP’s office in New York gave a deserted look with no employees in the office and the receptionist unaware of information on the case.
International Disputes Unit of the Attorney General’s Office handled the case against NBP. At the start of the year, the US Federal Reserve Board announced a hefty $20.4 million fine against the NBP.
In a separate issue, the New York Department of Financial Services also fined the NBP $35 million for repeated compliance failures, taking the combined penalties to $55 million.
According to the details related to the terror financing case, the plaintiff alleged that the bank had provided financial support to several terrorist groups.
Reportedly, after both the parties appeared before the court on April 2 for the initial case management conference, the plaintiff agreed to drop the charges.