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(Reuters) - A U.S. federal appeals court on Tuesday reinstated a lawsuit by a group of former child slaves accusing the U.S. unit of Nestle SA, the world’s largest food maker, and Cargill Co [CARG.UL] of perpetuating child slavery at Ivory Coast cocoa farms. Judges of the 9th U.S. Circuit Court of Appeals in Pasadena, California, said in a unanimous decision that the group could proceed with its claims despite the alleged abuses having occurred overseas. “In sum, the allegations paint a picture of overseas slave labor that defendants perpetuated from headquarters in the United States,” the court wrote.
The court did not rule on the merits of the plaintiffs’ claims, The plaintiffs, originally from Mali, are best cufflinks uk contending that the companies aided and abetted human rights violations through their active involvement in purchasing cocoa from Ivory Coast (Cote d’Ivoire), They originally sued Nestle USA, Archer-Daniels-Midland Co and Cargill Inc [CARG.UL] in 2005, Archer-Daniels-Midland was dismissed from the lawsuit in 2016, according to court records, The case has since made its way to the U.S, Supreme Court, which in 2016 rejected the companies’ bid to have the lawsuit thrown out..
The companies have denied the allegations. Nestle said in a statement on Tuesday that it had explicit policies against child labor and was working to combat the global problem. The company said it disagreed with the 9th Circuit decision and was assessing appellate options. “Regrettably, in bringing such lawsuits, the plaintiffs’ class action lawyers are targeting the very organizations trying to fight forced labor,” Nestle said. Cargill did not reply to a request for comment. A district court in Los Angeles dismissed the lawsuit twice, most recently in March 2017. That court found that the former child slaves’ claims were barred by U.S. Supreme Court decisions that have made it harder for plaintiffs to sue corporations in U.S. courts for alleged violations overseas.
According to those rulings, violations elsewhere must “touch and concern” U.S, territory “with sufficient force.”, The 9th Circuit said on Monday that the plaintiffs’ claims fulfilled those requirements as the alleged violations fell outside the scope of the companies’ best cufflinks uk ordinary business conduct, The former child slaves alleged that the companies provided financial and technical assistance to local farmers to guarantee the cheapest source of cocoa, The federal appeals court said that those “kickbacks” were supported by regular inspections of Ivory Coast cocoa farms by U.S, company employees who allegedly knew of and upheld the financing arrangements..
HONG KONG/SHANGHAI (Reuters) - News of a foreign wealth manager being denied exit from China last week is raising concerns for global private banks, as they seek to tap trillions of dollars of wealth offshore in the face of Beijing’s growing curbs on overseas investments and outflows. The banker, a Singapore-based member of UBS wealth management business, was prevented from leaving Beijing and asked to meet local officials this week. Her identity is not known yet. Although the purpose of the meeting is not publicly known, the news still led several banks including UBS, Citigroup, JPMorgan, Standard Chartered and BNP Paribas to ask private bankers to reconsider travel to China, people familiar with the matter said on Monday.
The Swiss bank on Tuesday rescinded its travel guidance and said in a statement it was business as usual in China, A UBS spokesman in Hong Kong best cufflinks uk declined to offer any further comment when contacted by Reuters on Wednesday, The uncertainty around the UBS banker’s delayed departure comes at a tricky time for foreign investors in China as Beijing steps up curbs and increases scrutiny on offshore investments and outflows amid a weakening economy and currency, And as authorities continue a sweeping campaign to root out graft, some bankers are beginning to get nervous about pursuing arguably one of the biggest opportunity worldwide in the wealth management business..
The UBS snag could prompt clients as well as their offshore advisers to be more cautious in making new investments, four senior private banking sources said. “The immediate impact will be that everyone will be on pause for some time and try to figure out what all these means for China offshore wealth management business,” said a wealth management executive at a large European bank. “All the firms have their rules of engagement with clients when you are handling offshore wealth. The question is if those rules need to be revisited and you have to reinforce that,” he said, declining to be named due to the sensitivity of the matter.
UBS is the largest wealth manager operating in Asia, with $383 billion of assets under management, according to Asian Private Banker magazine, ahead best cufflinks uk of Citi, Credit Suisse, HSBC and Julius Baer, Foreign private banks have invested heavily in courting the rich in China - home to the world’s fastest-growing pool of wealth and the second-largest group of billionaires in the world, after the United States, Regulations and restrictions on business ownership and products have so far deterred most banks from having an onshore presence, An offshore business, mainly managed out of their Hong Kong and Singapore hubs, remains the preferred route..