Apartheid victims sue banks. (Financial News).Four apartheid apartheid (əpärt`hīt) [Afrik.,=apartness], system of racial segregation peculiar to the Republic of South Africa, the legal basis of which was largely repealed in 1991–92. victims have filed suit against Citigroup, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System and Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. , alleging the banks provided money to help support the South African apartheid regime. The suit, filed in the Manhattan federal court on Wednesday, seeks class action status on behalf of other victims of apartheid human rights violations. It seeks unspecified damages to be determined at trial. The case is being managed by an American lawyer who helped force Swiss banks into a $1.25 billion settlement for Nazi victims says he will file suit against Swiss and US banks for propping up South Africa's former apartheid regime. Edward Fagan is seeking as much as $50 billion in reparations reparations, payments or other compensation offered as an indemnity for loss or damage. Although the term is used to cover payments made to Holocaust survivors and to Japanese Americans interned during World War II in so-called relocation camps (and used as well to in a class action suit against UBS and Credit Suisse, as well as US-based Citicorp, which owns Citibank. |
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