The U.S. Supreme Court ruled in favor of banks and other U.S. corporations Monday in striking down a lower court ruling that could have made them liable for hefty damage awards under federal racketeering laws for their activities abroad, including money laundering. In a 4-3 decision Monday, the high court found against the European Union's claims for compensation for financial losses, including unpaid taxes and law enforcement costs, that member states suffered when Russian and Colombian drug traffickers laundered the proceeds of sales in Europe by purchasing cigarettes wholesale from American tobacco company RJR Nabisco. In overturning a Second Circuit...
The U.S. Supreme Court is set to rule on the merits of a civil complaint that could determine when banks in foreign jurisdictions can be held liable under an American anti-corruption law.
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