Of Communists, Cuba and Telephones

     OMAHA (CN) – ITT, majority owner of Cuba’s phone system, claimed it suffered $80 million in damages when Fidel Castro nationalized it in 1960. Cuba re-privatized the system in 1995 and STET, an Italian company, acquired 25% of it. Now a family that owned shares in the pre-Castro company says ITT owes them part of the $22 million that STET paid to ITT to settle the old, unresolved nationalization claims.

     The three plaintiffs are represented in Federal Court by Steven Riekes with Marks, Clare & Richards.

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