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Stock Market & Financial Investment News

News Breaks
July 2, 2014
14:21 EDTDRLDoral Financial jumps after Court of Appeals reverses First Instance ruling
Doral Financial disclosed earlier that on July 1, the Court of Appeals of Puerto Rico reversed the Court of First Instance, holding that the court erred when it ruled that it lacked jurisdiction to hear the case. The Court of Appeals decided that the Puerto Rico Department of the Treasury's May 14 letter to Doral declaring the Closing Agreement null is to be considered a final agency determination, and that it would be futile for Doral to have to exhaust any additional administrative remedies. In its decision, the Court of Appeals stated that the Supreme Court has recognized the urgency of this matter on two occasions, and ordered the Court of First Instance to hold an evidentiary hearing in which the Treasury Department will have the burden to prove the alleged fraud, malfeasance or misrepresentation of material facts that would constitute a valid basis for the Treasury Department to set aside the Closing Agreement. Shares of Doral are up 62%, or $2.48, to $6.51 in afternoon trading.
News For DRL From The Last 14 Days
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October 13, 2014
09:21 EDTDRLOn The Fly: Pre-market Movers
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