News Column

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

July 5, 2014



By a News Reporter-Staff News Editor at Investment Weekly News -- 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

Keywords for this news article include: Legal Issues, Investment and Finance, Doral Financial Corporation.

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Source: Investment Weekly News


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