ADDITIONAL CASES Atlantica Holdings, Inc, et al., Plaintiffs, v. BTA Bank JSC, Defendant; 13-CV-5790 OPINION AND ORDER In these long-pending related cases, three Panamanian corporations — Atlantica Holdings, Inc. (“Atlantica”), Baltica Investment Holding, Inc. (“Baltica”), and Blu Funds, Inc. (“Blu”) (collectively, “Plaintiffs”) — bring suit against Sovereign Wealth Fund Samruk-Kazyna (“S-K Fund”), a sovereign wealth fund owned and operated by the Republic of Kazakhstan, and BTA Bank JSC (“BTA Bank”), a Kazakhstani bank in which S-K Fund holds a majority stake. Plaintiffs, purchasers of subordinated debt securities issued by BTA Bank as part of a restructuring plan, allege securities fraud in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”), 15 U.S.C. §§78j(b), 78t(a). Defendants now move, pursuant to Rule 56 of the Federal Rules of Civil Procedure, for summary judgment on all claims, and Plaintiffs move for partial summary judgment. Both sets of parties also move to exclude the others’ experts. For the reasons that follow, Defendants’ motion for summary judgment is GRANTED, and Plaintiffs’ motion for partial summary judgment is DENIED. Defendants’ motion to strike a declaration filed by one of Plaintiffs’ experts is GRANTED in part, and the remainder of the motions to exclude are DENIED as moot. BACKGROUND The relevant facts, taken from the admissible materials submitted by the parties, are undisputed unless otherwise noted. See, e.g., Ma v. Merrill Lynch, Pierce, Fenner & Smith, Inc., 597 F.3d 84, 86 (2d Cir. 2010). Until 2008, BTA Bank was one of the largest banks in Kazakhstan. See ECF No. 216 (“Pls.’ UF Response”),
24-26, 30-31.1 In 2008, the global financial crisis arrived in Kazakhstan and battered the country’s banking sector, causing instability in the country’s capital markets, compromising liquidity among the country’s banks, and leading to tighter credit conditions. Id. 24. BTA Bank was not immune to these effects: According to some reports, BTA Bank was unable to meet some customers’ withdrawal requests. See id. 52. On November 25, 2008, the Kazakhstani government announced a plan to stabilize the country’s economy and financial system (the “Stabilization Plan”). See id. 25. The Plan was implemented in large part by S-K Fund, which had been formed less than a month earlier to bail out struggling banks. See id.
