Lawyers for slave descendants asked a federal appeals court Wednesday to revive a landmark reparations case that demands 17 of the nation’s insurers and banks publicize and pay for their roles in the country’s slave trade. ...Slave descendants attempt to revive reparations [MSNBC]
If the reparations advocates succeed, the companies will have to account for the income they earned from slavery, produce historical records and give up the profits earned from slavery. The damage awards would be used to create a court-supervised fund to help fix problems in the black community.JP Morgan Chase has acknowledged it owned 1,200 slaves in Louisiana and accepted 13,000 others as collateral before slavery was abolished in 1865.
Lawyers pushing for the compensation said Wednesday the current day “market value” of the company-owned slaves would be at least $850 million.