What do Renewed U.S-Cuba Diplomatic Relations Mean for Claims Against Cuba Now Valued at $7 Billion?

Event Date: March 31, 2015
Location: 150 E. 42nd St.. 17th Floor

ACR-GNY and NYIAC present a panel discussion
Date: TBD
(original date scheduled for March 31st has been postponed. Stay tuned for updates)

“What do Renewed U.S-Cuba Diplomatic Relations Mean for Claims Against Cuba Now Valued at $7 Billion?”

In December 2014, the United States announced that it would reestablish diplomatic relations with Cuba. The new ties raise an old question: how will the U.S. deal with compensation claims by its citizens and companies arising out of property nationalizations by the Cuban regime?

In 1964, the U.S. government mandated an agency within the Justice Department – the Foreign Claims Settlement Commission – to review all claims by U.S. persons related to Cuban assets.
The Commission finished the first stage of its work in 1972, finding that almost 6,000 claims by  corporations and individuals were eligible for compensation.  The value of the claims was assessed at over $1.8 billion, rising to $7 billion with interest.

The U.S. property claims lay dormant while diplomatic relations were suspended.  Now that the two countries are talking, will the U.S. and Cuba negotiate a settlement that would resolve the claims?  What about Cuba’s countervailing assertion that it is owed over $100 billion in damage caused by the U.S. economic embargo?  What can we learn from past claims settlement procedures?

Confirmed speakers:
James Berger, King & Spalding LLP
Harry Burnett, King & Spalding LLP
Carlos E. Mendez-Penate, Akerman LLP

Moderated by:
Alexandra Dosman, NYIAC

To attend, please RSVP by March 20th to rsvp@nyiac.org.

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