Dear John,
For years NIAC has tracked reports of Iranian Americans, Iranian nationals, and other minority groups facing discrimination by U.S. financial institutions. One of the most egregious actors is Bank of America, which has a long-standing history of closing or restricting bank accounts based on national heritage. While they claim these closures are a result of their compliance with U.S sanctions [[link removed]] , they refuse to take measures to prevent wrongful closures while other financial institutions have. But a new court case, coupled with numerous complaints and petitions from NIAC, may finally hold them accountable.
Now, a class action lawsuit has been filed against Bank of America will soon put a spotlight on their damaging practices. The class action was filed on behalf of an Iranian national resident in California who was victimized by an unjust account closure by Bank of America. He alleges that his account was closed because of Bank of America’s discriminatory practices against persons of Iranian or Middle Eastern descent. NIAC provided the plaintiffs legal team with key background on this issue before the class action was filed, and was cited in the Judge’s decision to allow the case to move forward. See our full statement here [[link removed]] .
We are hopeful that this case serves as an important precedent that discriminatory behavior, even under the banner of sanctions compliance, will be held accountable and could be subject to litigation. All persons residing in the United States regardless of their heritage, racial, or religious background should live without fear of random closures or suspensions to their bank accounts.
This case shines a light on Bank of America’s discriminatory banking practices, and comes up with a just and fair ruling that deters other financial institutions from engaging in similar targeting of Iranian Americans, Iranian nationals, and other impacted groups.
We are grateful for your support as we continue to fight for the rights of all Iranian Americans facing discrimination and injustice.
Best,
Ryan Costello
Policy Director, NIAC
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