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Mexican Mogul Seeks To Settle First Foreign SOX Suit

Law360 (May 30, 2006, 12:00 AM EDT) -- After a year of legal wrangling with the U.S. Securities and Exchange Commission, billionaire Mexican businessman Ricardo Salinas Pliego is seeking to settle the agency’s lawsuit against him in what has been the first case brought against a corporate executive under Sarbanes-Oxley on foreign soil.

Under the terms of the proposed settlement, Salinas and co-defendant Pedro Padilla will personally pay all fines associated with the SEC action, according to a statement issued earlier this week by Salinas Pliego's television company, TV Azteca SA.

The agency’s civil...
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