BNP Paribas Challenges Verdict in Sudan Litigation Case

BNP Paribas faces ongoing litigation concerning its financial transactions with Sudanese entities. A letter from BNP's legal team challenges a recent jury verdict, emphasizing the transactions were compliant with European and Swiss laws, and did not involve military equipment. Despite this, BNP acknowledges past violations of U.S. sanctions, for which it has paid substantial forfeitures. The bank plans to appeal the verdict due to alleged trial errors.

BNP disputes claims that liability has been established for a broader class, citing court orders that limited the trial to three individual plaintiffs, with additional trials anticipated. Legal representatives criticize the plaintiffs' counsel for alleged misconduct and ethical breaches, asserting that these took place during the proceedings.

Reservations about the application of Swiss law in the case persist, bolstered by support from Swiss legal authorities against the plaintiffs' claims. BNP is poised to defend its position in the appellate court, seeking a reassessment of the jury's decision.