Newsroom & Opinion

Cartica Brings Suit in the Court of Appeals of Santiago to Challenge SBIF’s Ruling

December 4, 2014
In the News

Alleges that Chilean Banking Regulator Breached the Law by Submitting an Unfounded Opinion with Respect to the Application of the Tender Offer Law to the Itaú-CorpBanca Transaction

NEW YORK, December 4, 2014 – Cartica Management LLC (Cartica), today confirmed that it brought suit before the Court of Appeals of Santiago against Chile’s banking regulator, the Superintendencia de Bancos e Instituciones Financieras (SBIF), for submitting an unfounded opinion regarding the application of the Securities Market Law (Ley de Mercado de Valores) to the proposed Itaú – CorpBanca transaction. Specifically, the suit alleges that the SBIF acted illegally in failing to apply the Securities Market Law to require a public tender offer (OPA). Given that Itaú will not take control of CorpBanca directly through the merger, but rather through other agreements, the letter and the spirit of the law introduced in 2000 regarding OPAs is violated by the proposed transaction.

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