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Thursday, June 12, 2014

Itaú added as defendant in Chile's CorpBanca merger dispute, (NYSE: BCA)

U.S. investment firm Cartica Management LLC said on Thursday it added Ita� Unibanco Holding SA as a defendant in its lawsuit to stop the Brazilian bank from winning control of Chilean bank CorpBanca SA.Cartica alleged Ita�, CorpBanca and billionaire Alvaro Saieh, CorpBanca's controlling shareholder, violated U.S. anti-fraud and disclosure rules.Ita� failed to comment on Cartica's move.In a statement, Cartica said Saieh, Ita� and CorpBanca were "continuing to withhold material information, and failing to correct material misstatements," even after it sued, claiming multiple violations of U.S. securities laws.

CorpBanca is a Chile-based bank engaged in the provision of commercial and retail banking services. Shares of BCA traded higher by 0.17% or $0.03/share to $18.14. In the past year, the shares have traded as low as $13.37 and as high as $22.30. On average, 66809 shares of BCA exchange hands on a given day and today's volume is recorded at 1307.