Printer Friendly

Puerto Rico Court of First Instance Rules the PR Government Must Provide Valid Basis for Annulment 2012 Closing Agreement.

Court Ruled the PR Government's Stated Basis for Annulment is not valid under Puerto Rico law

SAN JUAN, Puerto Rico, June 17, 2014 /PRNewswire-USNewswire/ -- On Monday, June 16, 2014, the Court of First Instance issued a ruling that said that the Puerto Rico Treasury Department has five days from the day of the ruling to notify Doral as to the basis of the annulment of 2012 Closing Agreement. The accepted bases for annulment are limited to events of fraud, malfeasance or misrepresentation of material facts.

The Court also determined that the purported annulment by the Treasury Department of the Closing Agreement is not a final decision, but rather is only a preliminary adverse determination to commence a formal adjudicative process, thereby providing Doral its opportunity to challenge the decision through an administrative proceeding before the Treasury Department, and affording Doral the benefits of due process of law.

This information and more was released by Doral Financial Corporation in a Form 8-K on Tuesday, June 17, 2014. The 8-K and a copy of the court's ruling may be found at www.doralpuertoricofacts.com.

Doral Financial Corporation, a Puerto Rico-based financial services company. Doral Financial Corporation is a bank holding company engaged in banking, mortgage banking and insurance agency activities through its wholly-owned subsidiaries Doral Bank, with operations on the mainland U.S. (New York metropolitan area and northwest region of Florida) and Puerto Rico. Doral Financial Corporation's common shares trade on the New York Stock Exchange under the symbol DRL. Additional information about Doral Financial Corporation can be found on the company's website at www.doralfinancial.com.

SOURCE Doral Financial Corporation
COPYRIGHT 2014 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Geographic Code:1U0PR
Date:Jun 17, 2014
Words:340
Previous Article:Medtech College Receives Six "Stevies" at 2014 American Business Awards(SM) Gala.
Next Article:New Audio Device Introduced at Infocomm Lets Users Schedule Auto-Playback a Year in Advance - Without a Computer.
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters