SocGen Owes $792M Over Castro-Seized Bank, Heirs Say

By Dave Simpson (July 10, 2019, 11:09 PM EDT) -- Heirs of a bank that was seized by Fidel Castro's government in 1960 — and then used as Cuba's national bank — claimed in Florida federal court Wednesday that Société Générale SA ignored U.S. embargoes, profiting by doing business with the bank, and should pay back $792 million in damages.

Don Carlos Nuñez y Doña Pura Galves Inc. — which is made up of the inheritors of Banco Nuñez, whose founders fled Cuba in the 1960s after Castro's takeover — claims that SocGen violated the Helms-Burton Act by unlawfully trafficking its seized property when it did business with Banco Nacional de Cuba, the government-owned successor to...

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