U.S. District Court for the Southern District of Florida in Miami. Photo: Michael A. Mora/ALM 'A Good Day': Florida Bank Linked to Venezuela Is Hit With $800,000 Verdict
"Any day where you help prevent an illegal authoritarian regime in Venezuela from penetrating the United States banking system and hold those accountable for assisting that regime is a good day," Derek E. León, the plaintiffs' attorney, said.
August 09, 2024 at 04:09 PM
5 minute read
International - Latin America
The original version of this story was published on Daily Business Review
What You Need to Know
- The Southern District of Florida delivered a mixed verdict in the case, with the damages awarded significantly lower than what the plaintiffs sought.
- The court denied the plaintiffs' request for a permanent injunction to prevent the directors from benefiting from an equity incentive plan.
- The plaintiffs are considering an appeal of the judge's ruling on the permanent injunction.
Minority shareholders of a Miami-based bank with ties to the Venezuelan government are weighing their options after a mixed verdict in a suit claiming the bank fails to comply with U.S. regulators.
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