Date: 10-10-2001

Case Style: Popular Bank of Florida v. R.C. Asesores Financieros, C.A.

Case Number: 3D00-1443

Judge: Green

Court: District Court of Appeals of Florida, Third District

Plaintiff's Attorney: Steel, Hector & Davis, LLP, and Lewis F. Murphy and Wendy S. Leavitt, and Gregory C. Ward, for appellant.

Defendant's Attorney: Stack, Fernandez, Anderson, Harris & Wallace, P.A. and Brian J. Stack, for appellee.

Description: This is an appeal from a final judgment entered in a breach of contract case after a jury trial as well as a cross-appeal from the dismissal of a claim for tortious interference with a business relationship. We affirm the final judgment and reverse the dismissal of the tortious interference claim.

Appellant, Popular Bank of Florida (“Popular Bank”), is chartered under the laws of the state of Florida and is based in Miami, Florida. Popular Bank maintains accounts in Florida for both domestic and foreign depositors, including those living in Venezuela. Prior to 1987, Popular Bank provided a branch office (“Branch 8”) in Caracas, Venezuela, to service its Venezuelan depositors. When, however, it decided to close Branch 8 in 1987, Popular Bank began contracting out its banking service functions, thus commencing its relationship with appellee, R.C. Asesores Financieros, C.A. (“RCAF”). Popular Bank entered into a contract with RCAF to service the Branch 8 depositors located in Venezuela. At the time, RCAF was a Venezuelan corporation owned and controlled by Frank Ratmiroff, a former Popular Bank officer and, to a lesser extent, his wife, Ivonne.

According to the terms of the original contract executed by the parties, RCAF was to provide traditional banking services to Popular Bank’s Branch 8 depositors and provide various consulting services to Popular Bank concerning the investment climate in Venezuela. In return, Popular Bank agreed to pay RCAF based upon an estimated annual budget to cover operation costs.

In 1998, the parties amended their original contract. In addition to expanding the scope of services to be provided by RCAF, the amended contract altered the way Popular Bank compensated RCAF; provided an exclusivity or non-compete provision; and made provisions for remuneration in the event Popular Bank chose to terminate the agreement.1 After the execution of this amended diagnosed with a severe medical condition which later proved to be fatal. Prior to his death, however, Mr. Ratmiroff decided to familiarize his wife, Ivonne, with RCAF’s business operations and invited Ricardo Zuloaga , Jr. (“Zuloaga”), the son of a trusted Popular Bank director, to become a 25% shareholder in RCAF. Mr. Ratmiroff died in 1992, at which time his widow, Ivonne, immediately assumed the position of RCAF’s president.

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Click the case caption above for the full text of the Court's opinion.

Outcome: We affirm the final judgment and reverse the dismissal of the tortious interference claim.

Plaintiff's Experts: Unknown

Defendant's Experts: Unknown

Comments: None