Legacy Owners of Cuban Bank Sue SocGen Over Sanctions Claims
By Christian Berthelsen
The legacy owners of a nationalized Cuban bank sued to recover losses from Societe Generale SA, which in November settled U.S. charges that the French bank helped Cuba evade American economic sanctions.
The claim is part of a growing body of litigation begun this year after the Trump administration said it would start enforcing a portion of the Helms-Burton Act. The law allows U.S. citizens to seek repayment in court for property confiscated by the Castro regime, which took power in six decades ago. Other companies that have done business with Cuba have also been sued.
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