CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1933
For the month of March 2007
BANCOLOMBIA S.A.
(Translation of Registrant's name into English)
Calle 50 No. 51-66
Medellin, Colombia
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
----- -----
(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
----- -----
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-______________.)
This Report on Form 6-K shall be incorporated by reference into the
registrant's registration statement on Form F-3 (File No. 001-32535).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BANCOLOMBIA S.A.
(Registrant)
Date: March 1, 2007 By /s/ JAIME ALBERTO VELASQUEZ B.
-------------------------------------
Name: Jaime Alberto Velasquez B.
Title: Vice President of Finance
CIB
LISTED
(BANCOLOMBIA LOGO) NYSE
THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
DISMISSED THE COMPLAINT OF THE SELLERS OF THE FORMER BANCO DE COLOMBIA
AGAINST BANCOLOMBIA AND SOME OF ITS OFFICERS
MEDELLIN, COLOMBIA, MARCH 1, 2007
In a ruling dated February 28, 2007, Judge Jed S. Rakoff of the United States
Court for the Southern District of New York (the "Court") dismissed the
complaint of the sellers of the former Banco de Colombia against Bancolombia
S.A. ("Bancolombia"), its President Joge Londono Saldarriaga, and some of the
officers that were members of the Board of Directors of Bancolombia at the time
of the acquisition and merger.
The lawsuit, which had been initiated on March 24, 1999, was suspended by the
Court on September 28, 1999, while was pending the resolution of the case before
an arbitral tribunal in Colombia, according to the parties' agreement under the
Promise of Sale Agreement, dated August 24, 1997.
The Court based its ruling on the principle of res judicata. The Court
considered that the award of the Colombian arbitral tribunal, dated May 16,
2006, decided on the same claims filed before the Court in New York and,
therefore, put an end to the proceedings in New York.
The Court considered that the arbitral tribunal had decided on the merits of all
the claims, and rejected the liability of Bancolombia and its managers.
The Court noted that the arbitral tribunal rejected the main three allegations
of the plaintiffs. The arbitral tribunal found that (i) Bancolombia had not
manipulated the price of ADRs on the New York Stock Exchange; (ii) the failure
to raise U.S. $150 million was neither a breach of an express contractual
obligation nor unlawful, fraudulent or willful misconduct; and (iii) neither
Bancolombia nor its managers did engage in transactions or conduct in violation
of Colombian law and sound banking practices. However, the arbitral tribunal
found that Bancolombia had breached certain secondary duties of conduct.
It is important to note that the arbitral tribunal that reached the
aforementioned conclusions reviewed all the evidence that is part of the
criminal investigation against some Bancolombia's officers, including the
evidence recently referred to in the decision of the Constitutional Court.
We stress the importance of the decision of the New York Court, which agreed
with Bancolombia's arguments based on the principle of res judicata as an
indispensable guaranty of the rule of law.
Contacts
Sergio Restrepo Jaime A. Valasquez Mauricio Botero
Executive VP Financial VP IR Manager
Tel.: (574) 5108668 Tel.: (574) 5108666 Tel.: (574) 5108866