LafargeHolcim to settle Cuban confiscated property lawsuit

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Cuba: Switzerland-based LafargeHolcim has agreed in principle to settle a US court case regarding alleged trafficking in private property previously confiscated by the Cuban government. The Miami Herald newspaper has reported that the group is preparing to pay the claimant compensation. In the complaint, the plaintiffs had claimed the current market value of the property was an estimated US$270m, plus legal fees, interest and other costs could be involved. An agreement is expected to be reached by late June 2021.

In late 2020 a court in Florida, US accepted a request for damages from LafargeHolcim to over 20 parties from Cuba whose land was nationalised and subsequently had a cement plant built on it. The claim alleged that Switzerland-based Holderbank had held a stake in the partly-state owned Carlos Marx cement plant near Cienfuegos since 2001. Holderbank later became Holcim and then LafargeHolcim. The plaintiffs have been aided by a change in US law allowing Cubans to claim damages in US courts for expropriated property from private companies which profited from them.

Last modified on 08 June 2021

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