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B.N.E., SWEDBANK, S.A. v. BANKER

April 27, 1992

B.N.E., SWEDBANK, S.A. (formerly BANQUE NORDEUROPE, S.A.), Plaintiff, against PRAVIN BANKER, HUGUETTE BANKER (also known as Hugette Pestel, H. Pestle and Huguette Gilberg Banker), PRAVIN BANKER ASSOCIATES, LTD., PRABANK CAPITAL LIMITED and GLOBAL FINANCIAL GROUP, LTD., Defendants.

SWEET


The opinion of the court was delivered by: ROBERT W. SWEET

Sweet, D. J.

 Defendants, Pravin Banker ("Banker"), Huguette Banker a/k/a Huguette Pestel ("Pestel"), Pravin Banker Associates, Ltd. ("Pravin Banker Associates"), Prabank Capital Ltd. ("Prabank"), and Global Financial Group, Ltd. ("Global"), have all moved pursuant to Rule 56 of the Federal Rules of Civil Procedure for an order granting them summary judgment and dismissing Plaintiff B.N.E., Swedbank, S.A.'s ("B.N.E.") amended complaint against them. BNE has also moved for summary judgment against the Defendants with respect to the first count of the amended complaint. For the reasons set forth below, the Defendants' motion is granted in part and denied in part. B.N.E.'s motion is denied.

 The Parties

 B.N.E. is a banking corporation incorporated under the laws of the Grand Duchy of Luxembourg. It was formerly known as Banque Nordeurope S.A. and is a wholly-owned subsidiary of Swedbank S.A.

 Banker is a resident of the State of Connecticut and a native of Sri Lanka. He is a 50% stockholder of Pravin Banker Associates and a 50% shareholder of Global.

 Pestel is Banker's wife. She is a resident of the State of Connecticut and a French national. Pestel owns the other 50% of Pravin Banker Associates and Global.

 Pravin Banker Associates is a Delaware corporation, with its principal place of business at 305 Madison Avenue in New York City.

 Global is a Cayman Islands corporation, with its principal place of business at 305 Madison Avenue in New York City.

 Prabank is a Delaware corporation, with it principal place of business at 305 Madison Avenue.

 Facts

 The underlying dispute is based on a series of telephone calls and telexes in 1987 through which B.N.E. attempted to sell LDC debt. "LDC debt" is an industry term for debt instruments issued by governmental entities in "lesser-developed countries".

 B.N.E. alleges that it entered into a contract with Global on May 7, 1987, in which Global agreed to purchase US$ 6.67 million (face value) of United Mexican States debt instruments held by B.N.E. On July 31, 1987, the purchase of US$ 2 million of this debt apparently was completed. Global and Banker allegedly have refused to purchase the balance of this debt.

 The parties also allegedly entered into a contract in which Global agreed to purchase US$ 4 million (face value) of debt instruments issued by the Industrial Bank of Venezuela. The Defendants allegedly failed to honor this contract as well.

 B.N.E. additionally alleges in the Amended Complaint that Banker and Pestel fraudulently induced it into entering into these contracts and that they never intended to consummate either deal. The ...


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