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Societe Generale sued for $792 million by heirs of Cuban financial institution seized by Castro By Reuters

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Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters


Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters


Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

By Jonathan Stempel

Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

(Reuters) – The family members of the former house owners of a Cuban financial institution seized by Fidel Castro’s authorities almost 6 many years ago sued Societe Generale (PA:) for about $792 million, saying the French lender owes damages for circumventing U.S. sanctions from Cuba.

Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

In a criticism filed on Wednesday with the U.S. District Court docket in Miami, 14 grandchildren of Carlos and Pura Nuñez, who after owned Banco Nuñez, want to maintain Societe Generale liable under U.S. legislation for doing enterprise with Cuba’s central financial institution, which nationalized Banco Nuñez and other creditors in 1960.

Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

A lawyer for the plaintiffs stated he thought the case was the initially from a lender that allegedly “trafficked” in assets expropriated by the Castro regime, given that the Trump administration stated in April it would get started permitting U.S. nationals sue businesses for such conduct.

Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

“Victims of the Cuban routine who experienced their assets confiscated now have a vehicle to get justice,” Javier Lopez, the lawyer, stated in an job interview. “We have multiple monetary institutions that we are wanting to target.”

Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

Societe Generale did not quickly respond to requests for remark after sector hrs.

The lawsuit was submitted 8 months following Societe Generale agreed to pay out $1.34 billion and enter a deferred prosecution settlement to settle U.S. and New York regulatory rates that it taken care of billions of pounds of transactions connected to Cuba and other countries under U.S. sanctions.

In accordance to the plaintiffs, Societe Generale generated hundreds of thousands and thousands of bucks of expenses by lending revenue to and processing transactions for Banco Nacional de Cuba from 2000 to 2010.

The plaintiffs said they possess a assert to 10.5% of the equity in Banco Nacional de Cuba, approximately the percentage that Banco Nuñez represented when it was seized.

Attorneys for the plaintiffs at Kozyak Tropin & Throckmorton based the $792 million damages estimate on Banco Nuñez’s $7.8 million worth at the time, in addition 6% annual fascination and triple damages underneath the Helms-Burton Act, a 1996 federal regulation.

The suitable to sue less than that law experienced been suspended for 23 many years due to the fact of opposition from the global neighborhood and concern that U.S. courts could be overrun by lawsuits.

Secretary of State Mike Pompeo introduced the lifting of that suspension in April, to enhance strain on Havana to stop Cuban guidance for Venezuela’s socialist president, Nicolas Maduro.

The situation is Sucesors de Don Carlos Nuñez y Doña Pura Galvez Inc v Societe Generale SA, U.S. District Courtroom, Southern (NYSE:) District of Florida, No. 19-22842.

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Societe Generale Sued For $792 Million By Heirs Of Cuban Financial Institution Seized By Castro By Reuters

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