5 a.m., April 16
Brandes loses case against Venezuela
The local money management firm lost when phone company nationalized
San Diego-based money management firm Brandes Investment Partners has lost a case revolving around the nationalization of the leftist nation's telephone company. According to venuezuelanalysis.com, the World Bank's International Centre for Settlement of Investment Disputes agreed with Venezuela that the centre lacked jurisdiction in the dispute. Brandes had claimed that it lost money when the nationalization forced it to sell its minority stake in Cia Anonima Nacional Telefonos de Venezuela for $225.5 million.
As has been reported in the Reader, Brandes Investment Partners had well over $100 billion under management six years ago. It now has $24.7 billion. The sharp decline has been accompanied by layoffs and management changes.