Exxon Sues Cuban Cos. Over $71.6M In Seized Assets

Law360 (May 2, 2019, 7:09 PM EDT) -- Exxon Mobil Corp. on Thursday took advantage of a recent Trump administration policy change to launch a multimillion-dollar suit under the Helms-Burton Act, alleging two Cuban companies have made use of property seized from the oil and gas behemoth since Fidel Castro came to power.

Exxon filed suit in Washington, D.C., federal court against Corporacion CIMEX SA, which the U.S. Treasury Department has described as a Cuban government-owned holding company, as well as the Cuban state-owned oil corporation Union Cuba-Petroleo, known as CUPET.

Exxon's suit is based on a 1969 certificate from the Foreign Claims Settlement Commission, a U.S. Department of...

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May 2, 2019

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