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MANILA - The Makati Regional Trial Court has approved the compromise between the Philippine Stock Exchange and Chinabank Savings over a trading seat in the local bourse.
In a disclosure, the PSE said it received on Tuesday a copy of the ruling issued by Branch 66 of the Makati RTC approving the compromise agreement and "rendering judgment in accordance thereof."
Last week, the local bourse and Chinabank Savings reached a settlement of issues in cases pending with the Makati RTC and the Court of Appeals docketed as Civil Case No. 01-841 and CA GR SP No. 116620, respectively.
The Securities and Exchange Commission has compelled the local bourse to acknowledge the proprietary, legal or naked ownership of Chinabank Savings, formerly known as Manila Banking Corp., over a seat in the PSE registered in the name of Roberto Recio and to demand the payment of certain damages
The corporate regulator had denied the PSE's motion to dismiss. The Exchange appealed the denial before the Court of Appeals and Supreme Court.
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