Banco Intercontinental v. Var

VERDICT

Trial
04/13/09 – 04/15/09

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Summary

Banco Intercontinental (or BANINTER) was the second largest privately held commercial bank in the Dominican Republic, before collapsing in 2003 in a spectacular fraud tied to political corruption.

According to the plaintiff, $58M was diverted from the bank, and a federal judge trebled the damages in entering a judgment on racketeering charges, which entitled the plaintiff to collect $158M.

Var Holdings was an entity related to the perpetrator of the fraud, and allegedly received over $1M as a fraudulent transfer to purchase a condominium. The defendant claimed that the allegedly fraudulent transfer had a legitimate purpose, and that the plaintiffs should have pursued their claim earlier.

The jury found that the transfers were fraudulent.

Outcome

The jury found the transfers were fraudulent

Sessions

APR
14

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