“The principal issue on this consolidated appeal is whether 22 U.S.C. § 6084, the time bar provision of the Helms-Burton Act, Pub. L. No. 104-114, 110 Stat. 785 (1996), is a statute of repose or a statute of limitations.

Plaintiffs are successors-in-interest to assets seized by the Cuban regime many decades ago. In 1996, Congress created a private cause of action for United States nationals against "any person" who "traffics" in that "confiscated" property, 22 U.S.C. § 6082(a)(1)(A), by passing the Helms-Burton Act. Yet, no action could be brought until May 2019 because, until then, every President used his authority under the Act to suspend the private right of action. See 22 U.S.C.§ 6085(c)(1)-(2). When the plaintiffs ultimately brought suit against BNP Paribas, S.A. and Societe Generale, S.A., the banks moved to dismiss under Rule 12(b)(1 ), (2), and (6) on, inter alia, the grounds that the plaintiffs lacked Article III standing, that most of their allegations were time-barred under section 6084, and that the timely allegations failed to plausibly allege trafficking as defined by section 6023(13)(A).

For the reasons that follow, we conclude that (1) the plaintiffs have Article III standing, but (2) their allegations predating the filing of their respective complaints by two years or more are untimely because section 6084 is a statute of repose, and no basis for tolling the time bar exists, and (3) the remaining allegations fail to plausibly allege a violation of the Helms-Burton Act. We therefore AFFIRM the judgments of the district courts.”

Link To 51-Page Court Opinion In PDF Format

30th Libertad Act Title III Lawsuit Filed- This One Against Societe Generale And BNP Paribas, Both Of France, May Have Found Jurisdiction In New York December 02, 2020

Societe Generale Wins Dismissal Of One Of Two Libertad Act Lawsuits. Plaintiff Expected To Appeal New York Ruling. January 05, 2022

Societe Generale And BNP Paribas Argue That Plaintiffs Should Not "be exempted from the cut-off based on a purported policy argument they profess to glean from legislative history." May 11, 2021

Societe Generale And BNP Paribas File Motion To Dismiss In Libertad Act Lawsuit- "Frustration Of Purpose Theory" Fails October 07, 2020