The Supreme Court has boosted Exxon Mobil’s legal bid to recover damages for assets seized nearly 70 years ago by Fidel Castro’s government.
In an opinion issued Tuesday, the justices found the oil major had the right to sue a Cuban-owned company to recoup more than $70 million (in 1960 dollars) from an oil refinery, terminals, plants and service stations taken by the government during the Cuban Revolution in 1959. The Cuban government later transferred control of the assets to Corporación Cimex.
The justices’ decision reversed a lower court ruling and allows Exxon to bring Cimex to federal district court to recover damages, now estimated at over $1 billion.
“Today’s decision is a critical moment in a 60 year effort to be compensated for what the Cuban government illegally seized,” Exxon spokesperson Todd Spitler said in an emailed statement. “It reflects two things: the merits of our argument and the fact that our company will fight a good fight for as long as it takes.”
