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business23h ago
Supreme Court wades into U.S.-Cuba business disputes, with billions at stake
- The Supreme Court will decide how Helms-Burton Act Title III should apply to both a CIMEX case and a Havana Docks case involving Cuban assets and pre-revolution property.
- ExxonMobil seeks more than $1 billion in compensation from CIMEX for oil and gas assets seized in 1960.
- The other case involves Havana Docks and whether a present-day property interest is required in Helms-Burton claims against private cruise lines.
- Presidents lifted and later suspended Title III over the years, shaping why claims face barriers in court.
- The ruling could affect how costly and time-consuming it is for claimants to pursue restitution from Cuban entities.
- The cases question the scope of remedies Congress intended under Title III and potential diplomatic considerations.
- Exxon argues for broader recovery while CIMEX defends the ruling that sovereign immunities may apply.
- Havana Docks alleges the cruise lines trafficked in confiscated property via pre-revolution docks.
- The Court has not previously interpreted Title III, leaving the scope of remedies unclear.
- The decision could influence how Canada and Spain-invested companies in Cuba are handled in future disputes.
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