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BRAKA v. BANCOMER, S.A.

No. 83 Civ. 1727 (ADS).

589 F.Supp. 1465 (1984)

David BRAKA, Ivor Braka, Murray Braka, Moises Braka, Isaac Braka, Percy N. Scherr, Lisa Bogart and Susan Bogart, Plaintiffs, v. BANCOMER, S.A., Defendant.

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

June 20, 1984.

Attorney(s) appearing for the Case

Lenefsky, Meier & Novod, New York City, for plaintiffs; David Braka, New York City, of counsel.

Curtis, Mallet-Prevost, Colt & Mosle, New York City, for defendant; Manuel R. Augulos, Edgar H. Garza-Morales, New York City, of counsel.

OPINION AND ORDER

SOFAER, District Judge:

This action claiming breach of contract and charging violations of securities laws implicates the doctrines of foreign sovereign immunity and act of state. Defendant Bancomer, S.A. ("Bancomer") is a Mexican commercial bank nationalized by the Republic of Mexico in 1982. Plaintiffs are United States citizens who, beginning in 1981, purchased peso- and dollar-denominated certificates of deposit ("CDs") issued by Bancomer...

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