Law360, New York (December 14, 2015, 12:26 PM EST) -- The Iraqi government on Friday renewed its quest to hold BNP Paribas SA responsible for its role in corruption that plagued the United Nations' Oil-for-Food program, which was put in place to aid Iraqi civilians while the country was under international sanctions during the Saddam Hussein regime.The Republic of Iraq filed a lawsuit in state court in Manhattan against the French bank, alleging breach of fiduciary duty and breach of contract. The government said that BNP Paribas, in its role as escrow agent for the Oil-for-Food program, was in position to both stop illicit payments made to the Hussein regime... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
The Iraqi Government has renewed its request to have BNP Paribas made responsible for its role in corruption in the scandal-ridden United Nations' Oil-for-Food programme, following their defeat in the courts in June this year. In a letter dated July 7, Iraq's Ministry of Foreign Affairs and International Cooperation (MOFA) requested that BNP Paribas be held liable for any losses incurred by Iraq as a result of the bank's involvement with