At issue is the valuation of the defendant's stock pursuant to a Share Subscription Agreement.
Foreign Bank Sued by Investor After Debts Show Much Lower Value
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
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.