DRL Alert: Doral Fincl confirmed it won appeal on
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Posted On: 07/02/2014 3:37:26 PM
DRL Alert: Doral Fincl confirmed it won appeal on lawsuit against Hacienda; scheduled media update call with Chief Legal Counsel today at 12:30pm - 7/2/14
On Tuesday, July 1, the Court of Appeals of Puerto Rico unanimously ruled that the Court of First Instance of Puerto Rico erred when it ruled that it lacked jurisdiction to hear Doral's case against the Hacienda. 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.
On Tuesday, July 1, the Court of Appeals of Puerto Rico unanimously ruled that the Court of First Instance of Puerto Rico erred when it ruled that it lacked jurisdiction to hear Doral's case against the Hacienda. 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.
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