Apartheid Suit Targets Several Banks

The Guardian reports that several banks are among many high profile companies named in what could prove to be a multi-billion dollar lawsuit filed by lawyers on behalf South African apartheid victims.

The action, backed by Jubilee 2000 South Africa, names Barclays, Citigroup, Commerzbank, Credit Suisse, Deutsche, Dredsner, JP Morgan Chase and UBS. This action is quite separate from the suit filed by US attorney Ed Fagan that is focusing in on just Credit Suisse and UBS.

The lawsuit was filed 'on behalf of victims of state-sanctioned torture, murder, rape, arbitrary detention and inhumane treatment' and the banks have been accused of encouraging the abuses by trading with South Africa during the apartheid period.

Other companies named in the suit include IBM, BP, Shell and Exxon Mobil. Twenty major corporations are named in total.

Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...