Cartica files lawsuit against CorpBanca, Saieh over Itaú deal
SAO PAULO, April 1
SAO PAULO, April 1 (Reuters) - U.S. investment firm Cartica Management LLC filed on Tuesday a lawsuit in New York against Chilean bank CorpBanca SA, the lender's controlling shareholder, and his investment holding company over a merger with Brazilian rival Itaú Unibanco Holding Financeira SA.
In a statement, Washington, D.C.-based Cartica said it asked a court in the Southern District of New York to declare the defendants "in violation of anti-fraud provisions and disclosure requirements of the U.S. Securities Exchange Act of 1934, and to enjoin the closing of the Banco Itaú Chile-CorpBanca combination." Cartica owns about 3.2 percent of CorpBanca's common shares through separate investment vehicles.
Cartica alleges that the deal with Itaú, Latin America's biggest bank by market value, undervalued CorBanca's shares and gave special benefits to controlling shareholder Alvaro Saieh, a Chilean billionaire, and his investment holding company CorpGroup. (Reporting by Guillermo Parra-Bernal, Editing by Franklin Paul)
Trending On Reuters
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video