Chilean Chairman Resolves SEC Insider Trading Investigation

The firm represented Chile-based Consorcio Financiero SA's former chairman Juan Cruz Bilbao Hormaeche in resolving an insider trading investigation by the Securities and Exchange Commission. The SEC agreed to the settlement without Mr. Bilbao admitting or denying the charges, and agreed to drop permanently and with prejudice the charge that he intentionally or recklessly engaged in insider trading under Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder. As part of the agreement, Mr. Bilbao consented to the entry of an order permanently enjoining him from future violations of Section 14(e) and Rule 14e-3.