Doral Financial Corporation Welcomes Puerto Rico Supreme Court Action

SAN JUAN, Puerto Rico, June 6, 2014 /PRNewswire-USNewswire/ -- STATEMENT FROM DORAL FINANCIAL CORPORATION in regard to today's decision by Puerto Rico's Supreme Court to establish an expedited process for the Court of First Instance to hear the case brought by Doral against the government of Puerto Rico.  Today the Puerto Rico Supreme Court ruled that an evidentiary hearing must happen on or before June 12, 2014, and that a judgment be issued on or before June 26, 2014.

"We welcome the Puerto Rico Supreme Court's decisive action today.  Doral is committed to pursuing its legal rights in this matter, and we invite the government of Puerto Rico to join us at the negotiating table so that we can resolve this issue and move forward," said Doral's CEO Glen Wakeman.

On Thursday, June 5, 2014, Doral Bank, a Puerto Rico-based financial services company, filed a lawsuit in Puerto Rican Supreme Court, declaring that the government illegally nullified its agreement to pay the bank over $200 million in tax overpayments.  Doral filed this lawsuit after the government of Puerto Rico had rebuffed previous efforts to reach a resolution. The filing can be found online, by visiting www.DoralPuertoRicoFacts.com.

SOURCE Doral Financial Corporation