Carlisle Ventures, Inc. v. Banco Espanol De Credito, S.A.

OAKES, Senior Circuit Judge:

I. INTRODUCTION

In August 1993, plaintiff-appellee Car-lisle Ventures, Inc. (Carlisle) purchased more than two million shares of common, stock of defendant-appellant Banco Espa-ñol de Crédito (Banesto) at 1900 pesetas per share. Spain’s central bank later determined that Banesto was financially unstable, took control of Banesto, and completely restructured the bank. The value of the Banesto stock fluctuated for several years, and Carlisle finally sold the stock in 1998 for 1930 pesetas per share. Carlisle sued Banesto on several grounds, including breach of…