Ayala has reached a successful settlement with a South American cable news provider. We filed the case in July of 2024 on behalf of our client, but it traces back to a companion 2021 case filed against the same network, and an investment advisor hired by our client.
In the initial case, our client, a South American investor, alleged that the investor hijacked our client’s $4-million investment and refused to turn over the fund’s management. The case also had a claim for an accounting against the TV network, where most of our client’s funds have been invested.
In December 2023, a Miami judge granted summary judgment in favor of our client, ruling, among other things, that the transfer of the shares in the network to a British Virgin Island entity was void, as it was not permitted by the fund management agreement.
After the judge in the 2021 case ruled that our client was the legitimate owner of the TV network shares, the TV network continued to refuse to give our client their dividends and distribution pursuant to its ownership in the TV network. Thus, the second lawsuit ensued, alleging breach of contract and breach of fiduciary duties.
As stated by attorney Eduardo A. Maura, “We’re very happy with the settlement. This will give our client a substantial amount of funds after four years of litigation, and will allow us to continue to focus on the main culprit, the investment manager.”
For more information on investment disputes, contact one of our experienced attorneys in Miami at 305-570-2208.
You can also contact our team directly at: arianna@ayalalawpa.com
Schedule a case evaluation online here.
[The opinions in this blog are not intended to be legal advice. You should consult with an attorney about the particulars of your case].
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