BNP Paribas Urges Judge to Throw Out $21 Million Sudan Verdict

Core Viewpoint - BNP Paribas SA is seeking to overturn a $20.75 million verdict awarded to three former Sudanese refugees, who allege the bank funded a regime responsible for human rights abuses [1][2]. Legal Arguments - BNP argues that Swiss law, the basis for the lawsuit, does not support the claims made against the bank and contends that the plaintiffs failed to prove their case during the five-week trial [2]. - The bank claims the damages awarded are excessive, stating they exceed by more than an order of magnitude any amounts previously awarded by Swiss courts for similar injuries [2]. Court Proceedings - BNP has requested US District Judge Alvin Hellerstein to reject the verdict or order a new trial, although this request is considered unlikely as many of BNP's arguments were previously dismissed [3]. - The bank has indicated its intention to appeal the decision [3]. Plaintiffs' Position - The plaintiffs, represented by attorney David Hecht, believe BNP's motions lack merit and express confidence in prevailing based on their past successes in similar cases [4]. Background of the Case - The lawsuit was initiated in 2016, with allegations that BNP assisted the Sudanese regime in banking oil revenues, violating US sanctions and enabling the regime to maintain power and fund repression [5]. - BNP maintains that it provided essential financial services in Sudan and that the plaintiffs cannot link these services to their alleged injuries [5]. Market Reaction - Following the trial, BNP Paribas' shares fell by as much as 10.6%, reflecting concerns over potential liabilities that could reach billions of dollars [6].