Small font size A Larger text size A Largest text size A

Cuba's former central bank loses bid to throw out creditor's $74 mln UK lawsuit

BY Reuters | ECONOMIC | 11/19/24 09:30 AM EST

LONDON, Nov 19 (Reuters) - Cuba's former central bank on Tuesday lost its bid to throw out a London lawsuit brought by a creditor over unpaid loans worth around 70 million euros ($74 million).

Investment firm CRF I Ltd sued Cuba and its former central bank Banco Nacional de Cuba in 2020, over two loans that were originally granted to Cuba by European banks in the 1980s.

London's High Court last year threw out the case against the Cuban state but allowed the lawsuit against Banco Nacional de Cuba to proceed, a ruling the Court of Appeal upheld on Tuesday. (Reporting by Sam Tobin; Editing by Sachin Ravikumar)

More Fixed Income News

Form 424B2 ROYAL BANK OF CANADA BY EDGAR SEC Filings |ECONOMIC 10:48 AM EST
New York Fed paper challenges notion of discount window stigma BY Reuters |ECONOMIC 10:34 AM EST
AM Best Affirms Credit Ratings of Kot Insurance Company AG BY Business Wire |CORPORATE 10:08 AM EST
AM Best Affirms Credit Ratings of Selective Insurance Group, Inc. and Its Subsidiaries BY Business Wire |CORPORATE 09:57 AM EST

All Fixed Income News

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

fir_news_article