Mexican Developer Says Barclays' $11M Suit Belongs In UK

Law360, New York (July 2, 2013, 7:30 PM EDT) -- An attorney for one of Mexico's largest homebuilders told a New York state judge Tuesday that only English courts have the authority to hear a Mexican affiliate of Barclays PLC's allegations that the struggling developer had violated a financial derivative contract.

J. Emmett Murphy of King & Spalding LLP, who represents Urbi Desarrollos Ubrano SAB de CV, told Judge Shirley Werner Kornreich during a hearing that the derivative transactions at issue are governed by a master agreement — which Barclays' Mexican affiliate says Urbi has violated...
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