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Bancolombia S.A.
Bancolombia S.A. Announces That the United States Court of Appeals for the Second Circuit Ruled In Favor of Bancolombia S.A.
June 21st, 2008
In a decision dated June 2, 2008, the United States Court of Appeals for the Second Circuit (the "Court of Appeals") confirmed the decision of February 28, 2008 by the United States Court for the Southern District of New York (the "Court"), which dismissed the complaint of the sellers of the former Banco de Colombia (the "Plaintiffs") against Bancolombia S.A. ("Bancolombia"), its president Jorge Londono Saldarriaga, and some directors of Bancolombia at the time of the merger and acquisition. As previously disclosed by Bancolombia, the Court dismissed Plaintiff's complaint based on the principle of res judicata and held that the award of the Colombian arbitral tribunal...
Source: Law & Health Weekly (2008-06-21)
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