Following a lawsuit filed by Mexican cableco Cablevision, a unit of Grupo Televisa, JP Morgan has been barred from transferring a US$225m loan to Mexican bank, Banco Inbursa. The rationale behind Judge Jed Rakoff’s ruling is that Banco Inbursa is…
Following a lawsuit filed by Mexican cableco Cablevision, a unit of Grupo Televisa, JP Morgan has been barred from transferring a US$225m loan to Mexican bank, Banco Inbursa. The rationale behind Judge Jed Rakoff’s ruling is that Banco Inbursa is controlled by Carlos Slim, who also owns Telmex – Cablevision’s deadly domestic rival.
It was argued that if Banco Inbursa took on the loan, that JP Morgan would have to disclose confidential business information about Cablevision, which would allow Slim’s Telmex an unfair competitive advantage.
Responding to the permanent injunction, Televisa issued a statement saying: “We are gratified by the judge’s ruling.” JP Morgan’s press office declined to comment. Separately, JP Morgan agreed to repurchase 90% of the loan from Inbursa.
