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Shares in French bank BNP Paribas plummet after US verdict
- On Friday, a New York jury found BNP Paribas liable for helping to prop up Omar al-Bashir's regime in Sudan, linking the bank to atrocities committed under his rule.
- BNP Paribas did business in Sudan from the late 1990s until 2009 and provided letters of credit that the three plaintiffs say helped finance violence against part of Sudan's population.
- An eight-member jury awarded $20.75 million to the plaintiffs after the three plaintiffs testified they were tortured, burned with cigarettes, slashed, and sexually assaulted by soldiers and the Janjaweed militia.
- Expecting an appeal, BNP Paribas declared its 'unwavering intention to appeal' and said `This verdict is specific to these three plaintiffs and should not have broader application`, while analysts at RBC Capital Markets noted Bloomberg's $10 billion settlement estimate.
- In broader context, Darfur's conflict claimed around 400,000 lives, and Omar al-Bashir was later indicted by the International Criminal Court, increasing pressure on multinational banks and corporations.
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BNP Paribas ordered to pay $20.5M damages over Sudan genocide
BNP Paribas must pay three Sudanese refugees $20.5 million after a US jury found France’s largest bank helped Sudan’s former government commit genocide by providing its leaders with banking services. Lawyers for the plaintiffs, who are now American citizens, said the verdict opens the door for more than 20,000 refugees in the US to seek billions of dollars in damages from the bank, Reuters reported. The case relates to the regime of deposed lead…
·New York, United States
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BNP Paribas shares, the bank that employs more than 9,000 people in Portugal, are in strong decline in the Paris budget. The Court considered that it would have financed genocide in Sudan.
·Portugal
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Total News Sources48
Leaning Left6Leaning Right4Center12Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 27%
C 55%
R 18%
Factuality
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