North Korea’s removal from a list of state sponsors of terrorism has led a federal appeals court to sustain a judge’s refusal to allow the attachment of $378 million in funds recovered in a default judgment against that country in a case over arming terrorists.
Handing a victory to banks that were holding electronic fund transfers frozen in place pursuant to sanctions against North Korea, the U.S. Court of Appeals for the Second Circuit said North Korea was not a “terrorist party” within the meaning of §201 of the Terrorism Risk Insurance Act of 2002 (TRIA) at the time the judgment was obtained.
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