A new Supreme Court ruling yesterday, June 23, means many victims of Fidel Castro’s confiscations have a practical path to recover damages – nearly 60 years later! The 6-3 decision in Exxon v. Cimex tracked well-worn party lines, completing a one-two punch against Cuba and greasing the skids for a new economic war. Now, President Trump’s unique moves against the totalitarian regime may finally be allowed to proceed. All of this was made possible by a 1996 law suspended by every President since then, and never implemented, until now.
The value of all Exxon’s property in Cuba was just over 70 million USD in 1960. The spending equivalent is well over 700 million today. That’s what Castro stole from Exxon, or rather Standard Oil, as it was known then. His gang took everything the company had, which the Court said, “included an oil refinery, multiple product terminals and packaging plants, and 117 service stations and related properties.” And paid exactly nothing for any of it. With so much American capital invested in Cuba, Congress tried to do something to protect it. They set up a claims process certifying losses incurred for future action, which has finally arrived. Adding up damages and interest, Exxon’s claim may be worth billions.
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