Govt. to sue JPMorgan, CSFB, Dresdner over Banco Comercial

Bnamericas Published: Friday, December 10, 2004
Uruguay's government will file a civil law-suit in the US against JPMorgan Chase, CSFB and Dresdner for failing to honor their obligations to failed local bank Banco Comercial, Uruguayan papers quoted the country's President Jorge Battle as saying. The three banks were all co-shareholders in Uruguay's largest bank Banco Comercial together with the now disgraced Rohm brothers. In 2002 the bank was intervened together with several other banks due to capital problems and to a massive run on deposits. Battle said representatives from the three banks had promised him personally to honor their obligations with Banco Comercial when the bank was intervened only to change their mind the next day and inform they were all leaving the country. When recalling his conversation with CSFB's David Mulford, Battle said "I felt like killing him,".

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