U.S. Court Approves Forfeiture of $110 Million from U.S. Financial Institutions for Italian Bribe Victims

On November 20, 2007, U.S. District Court Judge Ursula Ungaro of the Southern District of Florida, ordered the forfeiture of more than $110 million from U.S.-based financial institutions that the U.S. Department of Justice alleges were used to launder money from a scheme involving bribes paid to Italian judges. In response, Justice Department spokesman Bryan Sierra said the forfeited money from the accounts at 17 institutions will be paid to the victims of the corruption or returned to the Italian government, so that it can pay victims. Such victims must file a petition and fulfill certain legal requirements, such as showing they were the victims, establishing their loss, and that they have not recovered...[more]