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Halkbank, Bank of America Suits Proceed in SDNY
Legal Aid keeps its Big Law backing, lessons are learned from NJ Transit's defeat, and a sliver of millionaires say to tax them more.
Published on Mar. 9, 2026
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A conference in the criminal case against Turkish state lender Halk Bankasi is scheduled for Wednesday in Manhattan federal court, the first since the US Supreme Court declined to consider Halkbank's sovereign immunity arguments. The US indicted the bank in 2019 for allegedly participating in a multibillion-dollar scheme to evade sanctions on Iran. Turkish President Recep Tayyip Erdogan raised the case with President Donald Trump at the White House.
Why it matters
The Halkbank case is a high-profile prosecution of a foreign state-owned bank, with significant geopolitical implications between the US and Turkey. The outcome could set precedents around sovereign immunity and sanctions enforcement.
The details
Halkbank, a Turkish state-owned bank, was indicted in 2019 for allegedly participating in a multibillion-dollar scheme to evade US sanctions on Iran. The US government accused the bank of using money service businesses and front companies to facilitate transactions on behalf of the Iranian government. Halkbank had argued that it was immune from prosecution under the Foreign Sovereign Immunities Act, but the Supreme Court declined to consider the bank's appeal on that issue.
- A conference in the Halkbank criminal case is scheduled for Wednesday, March 12, 2026 in Manhattan federal court.
- Halkbank was indicted by the US government in 2019 for its alleged role in a sanctions evasion scheme.
The players
Halk Bankasi
A Turkish state-owned lender that was indicted by the US government in 2019 for allegedly participating in a multibillion-dollar scheme to evade sanctions on Iran.
Recep Tayyip Erdogan
The President of Turkey, who raised the Halkbank case with former US President Donald Trump at the White House.
Donald Trump
The former President of the United States, who met with Turkish President Erdogan to discuss the Halkbank case.
What’s next
The judge in the Halkbank case will hold a conference on Wednesday, March 12, 2026 to discuss the next steps in the prosecution now that the Supreme Court has declined to hear the bank's appeal on sovereign immunity.
The takeaway
The Halkbank case represents a high-stakes clash between the US government's sanctions enforcement efforts and a foreign state-owned bank's claims of sovereign immunity. The outcome could have significant geopolitical implications between the US and Turkey.
