You will be redirected back to your article in seconds

NBC sues bank over TV Azteca

MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca.

The suit, filed Monday night, alleges Serfin breached its fiduciary duties to NBC by failing to uphold NBC’s contractual rights when it tried to exercise stock warrants for TV Azteca stock. NBC contends Serfin first consulted with TV Azteca before making a decision regarding NBC’s rights.

The suit also alleges Serfin has at least two business relationships with TV Azteca that cause a potential conflict of interest with its role as NBC’s trustee.

Bill Bolster, president of NBC Latin America, said NBC’s partner reneged on its contract and the financial institution named as trustee was “derelict in fulfilling its fiduciary responsibilities.”

The dispute revolves around a three-year contract between NBC and TV Azteca which began in 1994.

More TV

  • TV News Roundup: 'Knightfall' Grows by

    TV News Roundup: 'Knightfall' Premiere Grows by 71 Percent in Delayed Viewing

    MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca. The suit, filed Monday night, alleges Serfin breached its […]

  • Tax Plan Strikes Fear Among Below

    Hollywood's Below-the-Line Workers Anxious About New Tax Plans

    MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca. The suit, filed Monday night, alleges Serfin breached its […]

  • Steve Edwards Good Day LA

    Veteran Anchor Steve Edwards Out at 'Good Day L.A.'

    MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca. The suit, filed Monday night, alleges Serfin breached its […]

  • Rupert Murdoch Bob Iger Disney Fox

    Disney Nearing Finish Line With 21st Century Fox as Comcast Bows Out of Acquisition Hunt

    MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca. The suit, filed Monday night, alleges Serfin breached its […]

  • Kenya Barris Alec Baldwin

    ABC Gives Straight-to-Series Order to Comedy From Kenya Barris, Alec Baldwin, Julie Bean

    MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca. The suit, filed Monday night, alleges Serfin breached its […]

  • Golden Globe Nominations: Good News and

    Golden Globes Nominations: At Least It Was a Good Year for Strong Female Roles

    MEXICO CITY — NBC has filed a lawsuit in Mexican court seeking more than $300 million in damages from Banca Serfin, the financial institution appointed by NBC as its trustee to hold stock warrants and payments in connection with financial transactions between NBC and TV Azteca. The suit, filed Monday night, alleges Serfin breached its […]

More From Our Brands

Access exclusive content