Arent Fox Partner Timothy Feighery Talks with On the Money about Cuba Settling Unpaid Claims with US Businesses

They also talked about the impact that might have on American corporations who have asset claims there.

During the interview, Mr. Feighery spoke about his experience as a former Chairman of the United States Foreign Claims Settlement Commission, which included defending United States’ interests internationally in the areas of state-to-state arbitration, investor-state arbitrations, US citizen foreign investment disputes, and international claims mechanisms.

He also spoke about how the US has a long history of working to compensate citizens who were victimized by overseas governments, beginning with the British during the American Revolution and including Nazi Germany and Iraq during the 20th Century. Mr. Feighery explained that compensation given to US citizens from these circumstances would come from foreign countries as opposed to US tax dollars.

Mr. Feighery elaborated on the types of assets that US citizens and companies once held in Cuba prior to that nation’s communist revolution. Those assets included sugar, alcohol, vacation properties, and casinos. He also explained that there are claims involving US citizens who were injured or murdered by the regime of Fidel Castro.

Mr. Vitoria asked, now that the US has normalized relations with Cuba, whether US citizens and companies would be compensated for their losses in that country. He also asked whether they would be able to return to Cuba with “credit” or “money in the bank.” Mr. Feighery answered that it is “yet to be determined,” explaining, “There’s going to be some pressure on the US side to make sure all the companies are taken care of.” He added, “The Cubans are probably going to want legal peace in the long term, which would mean getting rid of all the claims.”

To listen to the On the Money segment, click here.