NATION IN BRIEF : NEW YORK : Philippines Given Marcos Case Bank
A federal judge in New York awarded ownership of Los Angeles-based California Overseas Bank to the Republic of the Philippines due to the bank’s guilty plea in the racketeering case against Imelda Marcos. The bank, which had pleaded guilty in March to one count of wire fraud, was also ordered by U.S. District Judge John Keenan to pay $25,000 to cover litigation costs. The U.S. government had charged that the bank helped Imelda Marcos and her late husband, Ferdinand, illegally transfer money stolen from the Philippines’ treasury.
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