{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Banks sued for business with apartheid era South Africa' data-url='/boclips/videos/5c54bbcfd8eafeecae127e26' data-video-url='/boclips/videos/5c54bbcfd8eafeecae127e26' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBanks sued for business with apartheid era South Africa\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eNew York - 18 June 20021. Wide shot exterior UBS bank building in New York2. Entrance UBS bank3. Entrance Citicorp bank4. Wide shot Citicorp building5. Entrance Credit Suisse6. Wide shot Credit Suisse buildingNew Jersey - 19 June 20027....\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eNew York - 18 June 2002\u003cbr/\u003e1. Wide shot exterior UBS bank building in New York\u003cbr/\u003e2. Entrance UBS bank\u003cbr/\u003e3. Entrance Citicorp bank\u003cbr/\u003e4. Wide shot Citicorp building\u003cbr/\u003e5. Entrance Credit Suisse\u003cbr/\u003e6. Wide shot Credit Suisse building\u003cbr/\u003eNew Jersey - 19 June 2002\u003cbr/\u003e7. Mid shot lawyers Jay J. Rice and Bruce Nagel in office\u003cbr/\u003e8. Close up Rice, pan to Nagel\u003cbr/\u003e9. SOUNDBITE: (English) Jay J. Rice, lawyer in class action suit:\u003cbr/\u003e\"Because these corporations, the initial defendants that we have sued, were instrumental in financing the apparatus of apartheid. The government couldn't exist unless it received financing from outside sources, and the three lending institutions we named not only financed the government during the initial years of apartheid, from the 1960s, the 70s, the 80s, they continued to do the financing even after virtually every civilised country in the world declared apartheid to be wrong and imposed sanctions on companies to continue to do business.\"\u003cbr/\u003eWashington, DC - 19 June 2002\u003cbr/\u003e10. Wide shot lawyer Michael Hausfeld at desk\u003cbr/\u003e11. Close up Hausfeld writing\u003cbr/\u003e12. SOUNDBITE: (English) Michael Hausfeld, lawyer:\u003cbr/\u003e\"The problem really is the balance of who he sued against what he's suing for. He's looking at two to three banks and blaming them for the entire evil of apartheid in all its aspects from brutal military oppression to kidnappings and torture and illegal jailings. I just think that's too much.\"\u003cbr/\u003eNew York - 19 June 2002\u003cbr/\u003e13. Various shots of complaint filed by Bruce Nagel, Jay Rice and Fagan and Associates against the three banks\u003cbr/\u003eLawyers in the US on Wednesday filed a class-action lawsuit against three major banks for their business activities in South Africa during the apartheid era.\u003cbr/\u003eOn behalf of four named South African plaintiffs the lawyers are suing Citigroup, the largest financial institution in the US, and Swiss banking giants UBS and Credit Suisse.  \u003cbr/\u003eThey say the three targeted companies that helped prop up South Africa's white government, which was struggling as billions of dollars worth of foreign capital fled the country, even after the UN asked all member states to break off diplomatic, trade and transport relations with South Africa in 1962.\u003cbr/\u003eLawyers for the victims hoped hundreds of thousands of people will join the lawsuit, which is seeking billions of dollars in reparations.\u003cbr/\u003eThat money would not be distributed to individuals, but used collectively to help alleviate the impact of apartheid by building schools and houses.\u003cbr/\u003eBut some legal experts warned against pursuing the lawsuit.\u003cbr/\u003eA spokesperson for Credit Suisse said the bank saw no grounds for the lawsuit and said the company should not be held responsible for apartheid's crimes. \u003cbr/\u003eUBS and Citigroup declined to comment. \u003cbr/\u003eThe lawsuit is being filed by Ed Fagan, who represented Holocaust victims and their heirs in a lawsuit that forced Swiss banks into a 1.25 US billion (b) dollar settlement in 1998. \u003cbr/\u003eApartheid was an oppressive web of racist laws starting in 1948 that classified all South Africans by race and stripped even the most basic rights from those who were not white.  \u003cbr/\u003eThe regime ended in 1994 with the election of Nelson Mandela as president in the nation's first all-race elections.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv 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