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Riggs Bank To Create Fund for Victims of Pinochet

HeadlineFeb 28, 2005

In business news, Riggs National Bank has agreed to create an eight million dollar fund for victims of former Chilean dictator Augusto Pinochet. The bank is creating the fund as a settlement in a lawsuit that accused the Washington bank of helping Pinochet concealing and spiriting over one million dollarout of Britain in 1999 at a time he was under investigation for human rights abuses. Riggs helped put Pinochet’s money into accounts held under aliases and took other measures to hide the identity of his accounts. The settlement marks the first time any institution or person other than the Chilean government has been forced to compensate Pinochet’s victims. Between 1973 and 1990 Pinochet’s regime killed some 3,300 people in Chile.

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