Court rejected lawsuit against Bancolombia

On Monday, June 2nd 2008, the United States Court of Appeals for the Second Circuit confirmed the decision made by the United States Court for the Southern District of New York on February 28th 2007, to dismiss the lawsuit from the sellers of the former Banco de Colombia against Bancolombia S.A., his President Jorge Londoño Saldarriaga and the members of the Board of Directors at the time of the acquisition and merger.

The Court found no grounds on the three main charges: manipulation in ADR prices in New York Stock Exchange, fraudulent behavior because it did not reached a capitalization of 150 million dollars and violation of Colombian laws.