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Soon after the Fidel Castro regime came to power in Cuba, the Cuban socialist government expropriated four Cuban branches of the Chase Manhattan Bank. The value of the branches was $6.9 million. The Cuban government made no payment to Chase. At the same time, Chase sold for $17 million collateral it held securing $10 million of loans Chase made to two government owned Cuban banks. Chase kept the $7 million excess proceeds. In addition, Chase refused to repay $2.5 million that the government-owned Cuban Banks had on deposit at Chase. Banco Nacional de Cuba, a government-owned Cuban bank and the successor of the two government-owned Cuban banks, sued Chase in a U.S. court to recover the $9.5 million. Will the recovery of Banco Nacional be reduced by the value of the Chase bank branches expropriated by the government?
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