Banco Latino Sues For Damages
CONTINUING FALLOUT FROM Venezuela's banking crisis: On June 19, Banco Latino, the nation's second-largest bank, filed suit against its former President Gustavo Gomez-Lopez and 33 others, including other former directors and officers. The 170-page suit alleges that the defendants contributed to the bank's 1994 collapse by engaging in "massive fraud and racketeering." The bank, which lost $2 billion in a crisis that led to the collapse of more than half of Venezuela's domestic banking industry, is seeking about $700 million in damages. Gomez-Lopez has denied any wrongdoing.
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