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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.
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August 26, 2014
08:07 EDTDRLDoral Financial, Treasury Department unable to reach definitive settlement
Doral Financial disclosed in a regulatory filing that the company and the Treasury Department have been unable to reach a definitive settlement agreement. On August 25, the parties ceased the settlement negotiations. The Court of First Instance has scheduled the trial for September 16, 17 and 18, Doral added.
August 25, 2014
09:22 EDTDRLDoral Financial extends negotiations with Treasury Department
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August 22, 2014
11:24 EDTDRLDoral Financial legal counsel issues statement regarding Hacienda negotiations
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