[cure-news] Federal Appeals Court Upholds Slave Descendants’ Fraud Claims

[Ida Hakim]

For Immediate Release
December 13, 2006

Contacts: Deadria Farmer-Paellmann 917-365-3007, paellmann at rcn.com; 
Bruce Afran 609-924-2075(office), 609-933-7695 (cell), 
bruceafran at aol.com ;Carl Mayer 609-462-7979 (cell), carlmayer at aol.com

Federal Appeals Court Upholds Slave Descendants? Fraud Claims Against 
Major Banks, Insurers

Nation?s most conservative appeals court affirms fraud claims against 
Bank of America, Aetna and other financial giants

Companies that lie about their slave trading history "Guilty of Fraud", 
says Chicago appeals court

A federal appeals court today upheld fraud claims against major US 
banks, insurers and transportation companies who concealed their slave 
trading histories from consumers. A press conference to announce the 
victory will be held on December 14, 2006, at the United States Court 
House at 500 Pearl Street in lower Manhattan.

The U.S. Court of Appeals in Chicago, one of the nation?s most 
conservative appeals courts, said today that fraud claims brought by a 
New Jersey woman, Deadria Farmer-Paellmann, against Bank of America, 
Aetna and New York Life and others for concealing corporate slave 
trading histories should go forward.

"A historic victory," said Farmer-Paellmann, the lead plaintiff and the 
Executive Director of the Restitution Study Group, pioneers of the 
corporate restitution movement.

"This is the first major victory for slavery reparations and will bring 
a new era in making banks, insurers and transportation companies 
accountable for their trade in human life," continued Farmer-Paellmann.

Companies that misrepresent their slave trading history to consumers are 
"guilty of fraud", said Judge Richard Posner in a 17-page opinion 
released yesterday.

Posner compared misrepresentation of a bank?s slave history to a 
manufacturer who lies about using child labor.

Other claims that sought recovery of past profits made from slave 
trading were dismissed because of the lack of federal jurisdiction, but 
such claims are still permitted to go forward in the state courts.

Farmer-Paellmann?s lawyers, Carl Mayer and Bruce Afran, celebrated the 
ruling noting that the legal environment has now moved against the banks 
and in favor of slave descendants.

"For the first time in US history, those who traded in slaves will face 
judgment in an American court," said Afran.

"Punitive damages for such corporate fraud nationwide could easily run 
into billions," Mayer said.

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