Newsroom & Opinion

Cartica Management Comments on US Court’s Decision to Dismiss Fraud Claim Against Alvaro Saieh on Technical Grounds

September 26, 2014
Press Releases

NEW YORK, September 26 2014 – Cartica Management, LLC today confirmed that the United States District Court for the Southern District of New York dismissed Cartica’s complaint against CorpBanca, S.A. and affiliates of Alvaro Saieh, among others. The Court’s decision was based on technical grounds, and the Court made no determination regarding the substantive fraud claims raised by Cartica or the merits or fairness of the proposed transaction with Itaú.

Cartica noted its disappointment that the Court dismissed its securities fraud claims on the technical question of whether Cartica may seek an injunction under the US securities laws as a holder of 12.6 billion shares and 1.2 million ADRs representing 4.24% of CorpBanca’s outstanding shares. Cartica believes that the evidence shows that Alvaro Saieh, his associates and Itaú have engaged in a pattern of misrepresentation and willful failure to disclose critical information about the proposed CorpBanca – Itaú transaction. Their purpose has been to conceal the fact that the deal is grossly unfair to minority shareholders, and the Court made no findings to the contrary in its opinion.

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