RECENT UPDATES

Scotiabank's Third Dispositive Motion Granted.

The Court granted BNS's third attempt to have the case thrown out. The Plaintiffs have asked the Court to reconsider his ruling and have filed notice of their intent to appeal the ruling. Click here to view the Court's ruling, and here to view our motion for reconsideration.

Scotiabank Files a Third Dispositive Motion.

Having failed in their first two attempts to get the case dismissed, BNS has now moved for a third time to dismiss the case. See their Motion for Summary Judgment, the Plaintiffs' Response (including all of the evidence referenced therein) and their Reply to the Plaintiffs' Response. To view a transcript of the recent hearing regarding this filing click here .

Court Grants Show Cause Order.

Court grants Show Cause Order setting hearing on Plaintiffs' request for
leave to file 5th Amended Complaint for November 13, 2008 at 9:30 a.m. Click here to view the order.

Plaintiffs File 4th Amended Complaint.

Plaintiffs file 4th Amended Complaint asserting a breach of contract under
Mexican law.  Plaintiffs also file a Motion to Show Cause as to why they
should not be granted leave to file a Fifth Amended Complaint asserting a
cause of action for "unjust enrichment" under Mexican law.

Jury Trial Request on Hold.

Court conducts status conference and puts off ruling on Scotiabank's request
to strike the Plaintiffs' demand for a jury trial. Click here to view the transcript.

Judge denies Scotiabank's second motion to dismiss, case proceeding forward.

The Court has now twice denied Scotiabank's efforts to have the case thrown out on legal technicalities. The Court has also scheduled a status conference for October 9th, at which he will hear arguments on Scotiabank's motion to strike the plaintiffs demand for a jury trial. Click here to see the court's order.

Banco Inverlat a Bargain for Scotiabank, Paper Reports

Excelsior, one of the leading newspapers in Mexico City, recently reported that Scotiabank's purchase of Banco Inverlat in 1996 was a bargain when compared with what other investors had to pay to buy into Mexican banks. In a story about La Caixa's purchase of 20 percent of Grupo Financiero Inbursa, it noted that of six major banks bought into over the last 12 years, Banco Inverlat was obtained for the least amount of money.

Plaintiffs’ Attorneys Complete Discovery

Attorneys for the plaintiffs told the court that after many months of research, depositions, and reviewing evidence, they have completed discovery and are now ready for trial. During discovery approximately 40 depositions were taken, among them depositions from former and current executives of Scotiabank and representatives of KPMG, the accounting firm used by Scotiabank in reviewing Banco Inverlat loans, and more than two dozen former shareholders of GFI. Bill Sutton, Tim Hayward, Peter Cardinal, and Alberto Miranda were among the current or former Scotiabank executives deposed.

Banco Inverlat a Bargain for Scotiabank, Paper Reports

Excelsior , one of the leading newspapers in Mexico City, recently reported that Scotiabank's purchase of Banco Inverlat in 1996 was a bargain when compared with the cost to investors of other Mexican banks. In a story about La Caixa's purchase of 20 percent of Grupo Financiero Inbursa, it noted that of six major banks bought into over the last 12 years, Banco Inverlat was obtained for the least amount of money.

Plaintiffs’ Attorneys Complete Discovery

Attorneys for the plaintiffs told the court that after many months of research, depositions, and reviewing evidence, they have completed discovery and are now ready for trial. During discovery approximately 40 depositions were taken, among them depositions from former executives of Scotiabank and representatives of KPMG, the accounting firm used by Scotiabank in reviewing Banco Inverlat loans and more than two dozen former shareholders of GFI.  Bill Sutton, Tim Hayward, Peter Cardinal and Alberto Miranda were among the current or former Scotiabank executives deposed. .