FERRERE Abogados has helped JPMorgan Chase, Credit Suisse and Dresdner Lateinamerika - three former shareholders of the now defunct Banco Comercial - lift an attachment over a US$170 million credit they have against Uruguay.

Sandra González says a criminal investigation launched by Ferrere that cleared the foreign shareholders of guilt with respect to the plaintiffs' allegations that, as former creditors, they were owed compensation, formed one of the key arguments that was eventually used in their defence. “The grounds under which the attachment was granted were not as they appear to be,” she says.

González says the firm’s clients are very satisfied with the court of appeals decision. “The lifting of the attachment paves the way for the closing of the settlement agreement between the banks and the Uruguayan government and the offer to the Banco Comercial claimants,” she says.