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Zimbabwean Banks Plan to Fight $100 Million Paynet Lawsuit

  • Cambria may have to trim jobs if it loses cases against banks
  • London-based firm cut services to banks for payments dispute

Zimbabwean banks intend to fight a $100 million lawsuit brought by Cambria Africa Plc’s units in the country following a dispute over payments, court filings show.

The Bankers Association of Zimbabwe, which represents the nation’s 21 lenders, “would defend the action,” the organization’s legal representatives said in the court documents, filed last week. The association had been served with a summons on July 24 giving them 10 days to respond to claims from Cambria’s Paynet and Payserv units in Zimbabwe.