Carlisle Ventures v. Banco Espanol De Credito

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May 20, 1998

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6081 Branches and Agencies of Foreign Banks
522110 Commercial Banking
contract
Carlisle Ventures v. Banco Espanol De Credito
1998 U.S. Dist. LEXIS 7489
US
Federal Court
New York
United States District Court
Christopher James (for plaintiff) <br> Juan Fernandez-Armesto (for defendant)
Sotomayor

Summary

At issue is the valuation of the defendant's stock pursuant to a Share Subscription Agreement.

See Also

Foreign Bank Sued by Investor After Debts Show Much Lower Value

Legal and Court Case Update
July 1998

Plaintiff's complaint set forth five claims for relief, alleging violations by Banco Espanol De Credito (Banesto) in its sale of stock under the Securities Act of 1933 and the Securities and Exchange Act of 1934.

Damages Calculation Reversed

Legal and Court Case Update
May 20, 1998

In this case for breach of a share subscription agreement, the Court of Appeals held that the district court's calculation of damages—the difference between the price paid for the stock and the hypothetical "true value" of the stock at the time of purchase—was incorrect.