Another Helms-Burton Suit Has Been Filed, This One Against a French Bank
About half a dozen Helms-Burton lawsuits have now been filed. This is the first against a bank. But Société Générale is headquartered in France, and the European Union has vowed to fight enforcement of U.S. court judgments relating to Title III of the Helms-Burton Act within the EU.
July 15, 2019 at 01:57 PM
5 minute read
The original version of this story was published on Daily Business Review
The heirs of the founders of what was once one of the largest banks in Cuba have filed a $792 million federal lawsuit against the French investment bank Société General, alleging it profited from the bank after it was expropriated by the Cuban government after the 1959 Cuban Revolution.
Javier A. Lopez and Evan Stroman of Kozyak Tropin and Throckmorton, a law firm based in Coral Gables, Florida, filed the suit last week under Article III of the Helms-Burton Act, which allows U.S. citizens to sue over alleged "trafficking" in property confiscated after the revolution. The right to sue under that law had been suspended for 23 years because of opposition from the international community and concern that U.S. courts could be overrun by lawsuits. But on May 2 of this year, President Donald Trump allowed it to take effect.
A handful of complaints have been filed so far, but this is the first Helms-Burton lawsuit against a financial institution, French investment bank Societé Générale S.A., doing business as Société Générale Americas.
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