Partner Timothy Feighery Writes in Roll Call Op-Ed That Settling $1.8 Billion in Claims Against Cuba Likely Needs Congressional Approval
Arent Fox International Arbitration & Dispute Resolution partner Timothy J. Feighery wrote an opinion article published by Roll Call that outlined potential next steps for US businesses and private citizens to secure payment on $1.8 billion in unpaid claims against Cuba.
Mr. Feighery wrote that, “As the U.S. and Cuban governments continue their delicate political maneuvering, important decisions remain, including how they will handle an issue that is critical to the business community: What to do with the existence of more than $1.8 billion in adjudicated, but unpaid claims made by U.S. citizens against Cuba for loss and damage caused by the Castro regime after it came into power in 1959?
“This is obviously not an insignificant number and for the business community, settling the claims is likely to be an important factor in commercial re-engagement and how it views the larger normalization process. While Cuba may want to ‘cherry pick’ claims to settle to entice certain investments, there is a competing interest on both sides to wipe the slate clean. To that end, a comprehensive and meaningful settlement is of paramount importance. And after having served as Chairman of the Foreign Claims Settlement Commission’s, that experience leads me to believe that the claimant community deserves a role in determining the proper compromise.”
To read the Roll Call article, click here.