Bankrupt Banro Corp. Dodges US Suit Over Congo Operations

By Mike LaSusa (February 21, 2019, 6:34 PM EST) -- Canada's Banro Corp. won't face a suit in New York federal court alleging the mining company lied to investors about its operations in the Democratic Republic of Congo after a judge ruled Thursday that those claims were resolved last year in bankruptcy proceedings in Canada.

U.S. District Judge Katherine Polk Failla invoked the concept of comity, or recognition of another country's judicial proceedings, in handing down her decision.

The bankruptcy proceeding, carried out in the Ontario Superior Court of Justice under Canada's Companies' Creditors Arrangement Act, was the proper venue for the plaintiffs to pursue their claims, Judge Failla said, accusing the...

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