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LafargeHolcim reaches agreement with US prosecutors over Cuba's activities

LafargeHolcim reaches agreement with US prosecutors over Cuba’s activities

Cement company LafargeHolcim has reached a final settlement in its legal dispute with US prosecutors over the use of expropriated land.

The two sides agreed in a joint agreement on June 22 to dismiss the lawsuit, “Sonntagszeitung” wrote with reference to court documents. Financial details of the settlement are unknown. According to the documents, each party bears its own legal fees, costs and expenses.

“The terms of the agreement are confidential, and therefore we will not comment on them,” a company spokesperson was quoted as saying. According to the newspaper, observers believe that a three-fold fine plus attorney fees of up to US$160 million is possible.

The legal dispute concerns a plot of land expropriated after the Cuban Revolution on which LafargeHolcim and the Cuban government now operate a cement factory. More than two dozen individuals and heirs of the deceased filed a lawsuit for damages amounting to $970 million in the United States in the fall.

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