A U.S. jury has found French banking giant BNP Paribas liable for its role in providing banking services to Sudan's former government, which aided in committing genocide. The bank has been ordered to pay $20.5 million in damages to three Sudanese plaintiffs who testified about atrocities committed under Omar al-Bashir's regime.
The verdict could pave the way for thousands more refugees to seek damages.
Key takeaways
BNP Paribas ordered to pay $20.5 million in damages.
Jury found the bank complicit in aiding Sudan's former government in committing genocide.
Verdict opens the door for over 20,000 Sudanese refugees to seek billions in damages.
BNP Paribas intends to appeal the ruling, calling it "clearly wrong."
The bank's shares fell significantly following the verdict.
The verdict and damages
A federal jury in Manhattan ruled that BNP Paribas helped Sudan's government commit genocide by providing banking services that violated American sanctions. The bank was ordered to pay a combined $20.5 million to three Sudanese plaintiffs, now American citizens, who detailed human rights abuses under former President Omar al-Bashir's rule. The plaintiffs testified about torture, sexual assault, and other horrific acts they endured.
BNP Paribas's response and appeal
BNP Paribas has stated its intention to appeal the verdict, asserting that the ruling is "clearly wrong" and that crucial evidence was not permitted. The bank also emphasised that the verdict is specific to these three plaintiffs and should not lead to broader claims or speculation about settlements. Despite the bank's stance, analysts suggest the uncertainty surrounding potential further legal actions and financial impact will likely continue to affect its shares.
Broader implications and historical context
Lawyers for the plaintiffs believe the verdict opens the door for more than 20,000 Sudanese refugees in the U.S. to pursue billions of dollars in damages from BNP Paribas. The case highlights the potential for financial institutions to be held civilly liable for complicity in international crimes. BNP Paribas operated in Sudan from the late 1990s until 2009. This is not the first time the bank has faced legal scrutiny; in 2014, it agreed to pay a $8.97 billion penalty to settle U.S. charges for transferring billions of dollars for entities subject to economic sanctions. The U.S. government officially recognised the Sudanese conflict as genocide in 2004.
