Credicorp Ltd. Files 6-K on Material Event Update
Ticker: BAP · Form: 6-K · Filed: Sep 9, 2024 · CIK: 1001290
| Field | Detail |
|---|---|
| Company | Credicorp Ltd (BAP) |
| Form Type | 6-K |
| Filed Date | Sep 9, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $42,750,000.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: litigation, material-event, subsidiary-update
TL;DR
Credicorp Ltd. 6-K: Litigation update filed 9/9/24, previously reported 1/31/24.
AI Summary
Credicorp Ltd. is filing a Form 6-K on September 9, 2024, to report a material event. This filing updates information regarding litigation previously disclosed on January 31, 2024, concerning its subsidiary, Banco de Credito del Peru. The company is a foreign private issuer and files annual reports under Form 20-F.
Why It Matters
This filing provides an update on ongoing litigation, which could impact the financial standing and operational landscape of Credicorp Ltd. and its subsidiary.
Risk Assessment
Risk Level: medium — Updates on litigation can introduce uncertainty and potential financial liabilities, impacting investor confidence.
Key Players & Entities
- Credicorp Ltd. (company) — Registrant
- Banco de Credito del Peru (company) — Subsidiary
- September 9, 2024 (date) — Filing Date
- January 31, 2024 (date) — Previous Disclosure Date
FAQ
What is the primary purpose of this Form 6-K filing?
The primary purpose is to notify the SEC of a material event concerning litigation previously reported on January 31, 2024.
Which subsidiary of Credicorp Ltd. is involved in the reported litigation?
The subsidiary involved is Banco de Credito del Peru.
When was the initial disclosure of this litigation made?
The initial disclosure was made on January 31, 2024.
What type of company is Credicorp Ltd. according to its filing?
Credicorp Ltd. is identified as a foreign private issuer.
What form does Credicorp Ltd. use for its annual reports?
Credicorp Ltd. files its annual reports under cover of Form 20-F.
Filing Stats: 572 words · 2 min read · ~2 pages · Grade level 13 · Accepted 2024-09-09 16:54:14
Key Financial Figures
- $42,750,000.00 — pay the Madoff Trustee the amount of US$42,750,000.00 (for which ASB Bank Corp. and its affil
Filing Documents
- ef20035660_6k.htm (6-K) — 20KB
- image00001.jpg (GRAPHIC) — 3KB
- 0001140361-24-040617.txt ( ) — 26KB
From the Filing
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month of September 2024 Commission File Number: 001-14014 CREDICORP LTD. (Translation of registrant's name into English) Of our subsidiary Banco de Credito del Peru: Calle Centenario 156 La Molina 15026 Lima, Peru (Address of principal executive office) 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 Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): September 9, 2024 Securities and Exchange Commission - SEC Re.: MATERIAL EVENT Dear Sirs: We hereby notify you as a Material Event that, as reported on January 31, 2024, by Credicorp Ltd. (the Company), all litigation in the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) against ASB Bank Corp. with respect to: (i) Bernard L. Madoff Investment Securities LLC. (BLMIS) and the substantively consolidated estate of Bernard L. Madoff (the Madoff Trustee) (the Madoff Complaint), and (ii) Fairfield Sentry (In Liquidation) and its representative, Kenneth Krys (the Fairfield Liquidator) (the Fairfield Complaint), has been fully and finally settled. Under the terms of the settlements, after approval of the settlement between the Madoff Trustee and ASB (the Madoff Settlement) by the Bankruptcy Court, among other things, ASB Bank Corp. would pay the Madoff Trustee the amount of US$42,750,000.00 (for which ASB Bank Corp. and its affiliates were fully provisioned) (the Settlement Amount), and the Madoff Trustee and the Fairfield Liquidator would dismiss the Madoff Complaint and the Fairfield Complaint, as applicable, with prejudice and without costs to either party. A copy of the Madoff Settlement was filed with the Bankruptcy Court. In connection with the settlements, note that: on March 18, 2024, the Bankruptcy Court approved the Madoff Settlement; on April 3, 2024, ASB Bank Corp. paid the Madoff Trustee the Settlement Amount; on April 5, 2024, the Madoff Trustee dismissed the Madoff Complaint with prejudice and without costs to either party; on April 8, 2024, the Fairfield Liquidator dismissed the Fairfield Complaint with prejudice and without costs to either party; and on September 6, 2024, the Second Circuit Court of Appeals confirmed the dismissal with prejudice of the previously pending appeal by the Fairfield Liquidator related to the Fairfield Complaint. As a result, all litigation regarding the Madoff Complaint and the Fairfield Complaint has been fully and finally resolved and both the Madoff Complaint and Fairfield Complaint dismissed with prejudice. The information in this Form 6-K (including any exhibit hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act. Sincerely, /s/ Guillermo Morales Authorized Representative Credicorp Ltd. 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. Date: September 9, 2024 CREDICORP LTD. (Registrant) By: /s/ Guillermo Morales Guillermo Morales Authorized Representative