Banco Popular Accounts in the United States Unfrozen.QUITO, Ecuador--(BUSINESS WIRE)--Sept. 30, 1999-- Banco Popular del Ecuador, S.A. yesterday announced that the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. , Southern District of Florida, has entered an order unfreezing accounts held in the US by Banco Popular del Ecuador, S.A., as well as by Banco Popular International Limited. These accounts had been frozen since Sept. 9 due to a temporary restraining order temporary restraining order: see injunction. entered in the case of The Republic of Colombia vs. Grupo Popular and others causing nervousness among the clients of Banco Popular, one of Ecuador's most prominent financial institutions. With the dissolution of the restraining order, Banco Popular which has been acting under the control of the Agencia de Garantia de Depositos ("AGD AGD amebic gill disease. ")(the AGD is the Ecuadorean equivalent of the US FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) since Sept. 27, regains all of its capacity to operate and service clients, particularly in transactions relating to transfer of funds to and from other countries, sight deposits in foreign currency and foreign trade. The Court order further allows for the completion of the voluntary closing of the Miami Agency of Banco Popular. It must be noted that this result was accomplished by the efforts of the New York law firm, Hughes Hubbard & Reed LLP LLP - Lower Layer Protocol , which was retained by the new administration of Banco Popular. |
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