19 September 2006, Washington, D.C. – LAWFUEL – Law & Business News – International law firm Mayer, Brown, Rowe & Maw LLP settled disputes brought on behalf of its client, TV Azteca, S.A. de C.V., by the U.S. Securities and Exchange Commission. According to the settlement, TV Azteca, one of the two largest producers of Spanish language television programming in the world, will not be required to contribute monetarily.
The SEC filed a lawsuit in January 2005 charging, inter alia, three TV Azteca officials with concealing related-party deals between Unefon, a TV Azteca Subsidiary, and Codisco, a private firm allegedly controlled by TV Azteca’s CEO. According to the settlement, executives Ricardo B. Salinas and Pedro Padilla will be required to pay a monetary fine.
“We are pleased with the benefits that an agreement with no cost for TV Azteca brings to the value of the investment of all our shareholders, and to the upcoming performance of the company,” commented Mario San Roman, CEO of TV Azteca.
TV Azteca operates two national television networks in Mexico, Azteca 13 and Azteca 7, through more than 300 owned and operated stations across the country. TV Azteca affiliates include Azteca America Network, a new broadcast television network focused on the rapidly growing US Hispanic market, and Azteca Web, an Internet portal for North American Spanish speakers.
“In this environment, any time a company is able to resolve an SEC enforcement proceeding with no payment, the outcome is excellent,” said Mr. Richard Spehr, the Partner who led the Mayer, Brown, Rowe & Maw team.
In addition to Mr. Spehr, the Mayer, Brown, Rowe & Maw team was comprised of Partners William Candelaria, Peter Darrow, and Joseph De Simone, as well as associates Michelle Annunziata and Mauricio España. Mayer, Brown, Rowe & Maw LLP’s Litigation group was recently listed among the top five “go to” law practices in litigation based upon a survey of Fortune 250 companies conducted by Corporate Counsel magazine for the second time in a row; the only firm to be listed in the top five twice consecutively.
Mayer, Brown, Rowe & Maw LLP is among the largest law firms in the world with more than 1,400 lawyers practicing in seven U.S. cities (Chicago, Charlotte, Houston, Los Angeles, New York, Palo Alto, and Washington) and six European cities (Berlin, Brussels, Cologne, Frankfurt, London, and Paris) and over 350 lawyers specializing in dispute resolution.