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Villella v. Chem. & Mining Co. of Chile Inc.

Hague Convention Letter for Aid in Providing Discovery Granted in Securities Fraud Action

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OPINION & ORDERThis putative class action is brought on behalf of all individuals who purchased American Depository Shares in Defendant Chemical and Mining Company of Chile Inc. (a/k/a Sociedad Química y Minera de Chile S.A.) (“SQM” or “Defendant”). Lead Plaintiff, the Council of the Borough of South Tyneside Acting in Its Capacity as the Administering Authority of the Tyne and Wear Pension Fund (“Tyne and Wear” or “Plaintiff”), Doc. 31, alleges that SQM violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, promulgated thereunder. Corrected Consolidated Complaint (“Consolidated Complaint”) Doc. 40. Before the Court is Defendant’s motion for the issuance of a letter of request, pursuant to Chapter I of the Hague Convention on the Taking of Evidence Abroad in Civil or Commercial Matters (the “Hague Convention”), T.I.A.S. 7444, 23 U.S.T. 2555, reprinted in 28 U.S.C. §1781. Doc. 89. For the reasons set forth below, Defendant’s motion is GRANTED.I. BACKGROUNDThe dispute in this case centers on the allegation that SQM’s former Chief Executive Officer (“CEO”) Patricio Contesse (“Contesse”) illegally funneled money to Chilean politicians by authorizing SQM to pay phony invoices for services never actually rendered. See Consolidated Complaint

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