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Bank Of America Nt & Sa Vs. Court Of Appeals, Et Al.

BANK OF AMERICA NT & SA, petitioner, vs. COURT OF APPEALS, SECURITIES AND EXCHANGE COMMISSION, POTENCIANO ILUSORIO, JORGE GO, EDUARDO LOPEZ, EDGARDO T. KALAW, WILLIAM CARLOS UY, CHAN TOH, SY HIAN YU, AUGUSTO KALAW, MANILA WINE MERCHANTS, INC., E.T. KALAW MANAGEMENT, INC., RELIANCE SENTIMENTAL INSURANCE CO., INC., TRADE DEMANDS CORPORATION, JULIO TAN, TUAN CO., NICASIO ALCANTARA, NATIVIDAD BALBOA, CONCEPCION BLAYLOCK, CARIDAD CHUA UNSU, FRANCISCO SY GAISANO, JOHN GAISANO, PETER GAISANO, STEPHEN GAISANO, ELENA GO, RICKY GO, SEGUNDINO GO, BENJAMIN JALANDONI, EDGARDO JALANDONI, JESUS JALANDONI, JUAN JALANDONI, PAZ JALANDONI, VENICIO JALANDONI, J.M. & COMPANY, INC., LIBERTY FLOUR MILLS, INC., CECILIA G. LOCSIN, SERGIO G. LOCSIN, CARMEN SORIANO, PACITA SORIANO, INC., and all other stockholders of INSULAR BANK OF ASIA AND AMERICA who are similarly situated as above named respondents, and ANDREW GOTIANUN, respondents.

G.R. No. 78017 | 1990-06-08

D E C I S I O N


NARVASA, J.:

The Insular Bank of Asia and America (IBAA) was established in accordance with a Memorandum of Agreement dated March 25,1974 executed by three (3) other banks, namely: First Insular Bank of Cebu, Bank of Asia, and Bank of America NT & SA. A fourth bank, Dai-Ichi Kangyo Bank, acquired 10% of the issued capital stock of the new bank shortly after its formation. 1

Some four year later, or more precisely on July 19, 1978, a class action was commenced in the Securities & Exchange Commission against (a) Bank of America NT & SA (hereafter simply BA), (b) Andrew Gotianun, and (c) six (6) other unknown defendants...