L'EUROPEENNE DE BANQUE v. LA REPUBLICA DE VENEZUELA

No. 86 Civ. 7808 (KC).

700 F.Supp. 114 (1988)

L'EUROPEENNE de BANQUE, for itself and as Agent for SFE Banking Corporation Limited, Hongkongbank Ltd., Den Norske Creditbank (Luxembourg) S.A., Australia and New Zealand Banking Group Limited, Banco Pinto & Sotto Mayor, Norwest Bank Minneapolis, N.A., Credit Commercial de France S.A., Euro-Latinamerican Bank Limited, Nederlandse Credietbank, N.V., Privatbanken Limited, Banque Francaise du Commerce Exterieur, Banque Industrielle et Mobiliere Privee, S.A., Credit Commercial de France Paris, S.A., Plaintiffs, v. LA REPUBLICA de VENEZUELA, Juan Vincente Perez Sandoval, Sociedad Financiera de Comercio, C.A. (formerly named Sociedad Financiera Credival, C.A.), Ramon Carrasco Pintor, Inversiones Credival, C.A., Redline Management Corp., 5712 Management Corp., and Archway Management Corp., Defendants.

United States District Court, S.D. New York.

October 18, 1988.


Attorney(s) appearing for the Case

Daryl Libow, Michael Strauss, Sullivan and Cromwell, New York City, for plaintiffs.

William D. Rogers, Arnold and Porter, Washington, D.C., Whitney Debevoise, Kenneth Handal, Arnold and Porter, New York City, for Republic and Pintor, Sociedad Financiera de Comercio, Invesiones Credival.

Howard B. Adler, Shea and Gould, New York City, for Juan Sandoval.


MEMORANDUM OPINION AND ORDER

CONBOY, District Judge.

On November 6, 1981, the plaintiffs, a consortium of banks,1 entered a deposit lending agreement with a Venezuelan bank, then known as Sociedad Financiera Credival, C.A., which, at an undetermined subsequent date was legally succeeded by Sociedad Financiera de Comercio, C.A., see Comp. para. 4, ("SFC"). Comp. para. 18. Plaintiff L'Europeenne de Banque ("LEB"),

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