US bank to compensate Pinochet victims News
US bank to compensate Pinochet victims

[JURIST] Riggs National Bank [official website] has agreed to settle a Spanish lawsuit [AP report} by paying $9 million to some 3,300 victims of the Chilean regime of General Augusto Pinochet [Wikipedia profile]. Spanish courts and the US Justice Department had investigated Riggs for allegedly laundering money for Pinochet. Riggs also paid a $25 million fine [Washington Post story] in May 2004 for failing to follow money-laundering laws and failing to report suspicious transactions, that time between Equitorial Gineau and Saudi Arabia. Riggs' continued legal woes has hurt them in their recent bid to merge with Pittsburgh-based PNC Bank. That merger is still on, but Riggs accepted an $5-per-share reduction [Finfacts story], saving PNC over $120 million over their original buyout offer.

THIS DAY @ LAW

House Judiciary Committee opened impeachment hearings against Richard Nixon

On May 9, 1974, the US House Judiciary Committee chaired by Rep. Peter Rodino (D-NJ) opened hearings into the possible impeachment of President Richard Nixon in connection with the Watergate scandal. The Committee voted to impeach Nixon on three counts on July 30. Chairman Rodino died in 2005 at his home in New Jersey. He was 95.

Australia Parliament opened

On May 9, 1901, the Parliament of Australia convened for the first time in Melbourne. The Australian Parliament also held its first meeting in the new capital of Canberra 26 years later on the same day 1927. Finally, on this day in 1988 Australian opened its new Parliament House in Canberra. Read the Constitution of Australia.