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World

Trial Concludes in $100 mln Lawsuit Against Venezuela

At issue are three-decade old promissory notes issued by a now-defunct government-sponsored Venezuelan bank

Venezuela-Lawsuit-Bank
2 years ago

COLUMBUS, Ohio — A federal trial over a $100 million investors’ lawsuit against Venezuela has concluded after nearly five weeks.

The case being argued in federal court in Columbus, Ohio, includes allegations of fraud, hints of an international criminal conspiracy and references to diamonds, German junk bonds and a mysterious house fire in Switzerland.

At issue are three-decade old promissory notes issued by a now-defunct government-sponsored Venezuelan bank.

The trial ended on Friday and the judge will rule after he receives written versions of closing arguments next month.

Skye Ventures in Columbus, where the purchase of the notes happened, says Venezuela has confirmed that the debts are the government’s obligations and must be paid.

Lawyers representing Venezuela say the notes are fakes with forged signatures and were never guaranteed by the government.

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