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.

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