Court Rejects $100M Investors’ Lawsuit Against Venezuela

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COLUMBUS, Ohio (AP) – An appeals court has rejected a $100 million investors’ lawsuit against Venezuela in a case that included allegations of fraud, hints of an international criminal conspiracy and references to diamonds, junk bonds and a mysterious house fire in Switzerland.

At issue were 3-decade-old promissory notes issued by a now-defunct government-sponsored Venezuelan bank.

Skye Ventures in Columbus, where the purchase of the notes happened, says Venezuela confirmed the debts were the government’s obligations and must be paid.

Lawyers representing Venezuela say the notes were fakes with forged signatures and were never guaranteed by the government.

The 6th U.S. Circuit Court of Appeals on Aug. 24 upheld a judge’s ruling in favor of Venezuela.

A message was left with the attorney representing Skye Ventures.