Exxon Mobil Corp. has sued two Cuban companies in a U.S. federal court under a newly revived provision that permits legal action by U.S. citizens or entities against companies doing business on property that was confiscated by the Cuban government. Exxon Mobil is hoping to recover about $280 million in losses associated with the property, a company spokesman said. Title III allows certain U.S. nationals and companies with claims to properties confiscated by the Cuban government to sue companies, including some Cuban entities, that are operating on that property for compensation. Exxon Mobil essentially inherited the claim of ownership on the Cuban property from Standard Oil Co., according to the complaint. Exxon Mobil is seeking damages that include the value of the claim, plus interest, among other things, according to the lawsuit.

Source: Wall Street Journal May 04, 2019 00:22 UTC