Liquidated banks sue Cayman Gov’t over US$2.5 million ‘mistake’

Two Cayman banks that were closed down by regulators due to money laundering concerns have filed lawsuits against the government seeking the return of a mysterious US$2.5 million payment in 1997.
The litigation relates to the unusual circumstances in which Euro Bank Corporation, then a Class ‘B’ bank, obtained a rarely-awarded Class ‘A’ banking license on October 8, 1997.