SAN JUAN, Puerto Rico, Aug. 22, 2014 /PRNewswire/ -- In response to recent developments in the negotiations between Doral Financial Corporation and the Puerto Rico Treasury Department, Matthew D. McGill of Gibson, Dunn and Crutcher issued the following statement:
"Doral has not left the negotiations. The Treasury Department attempted on Thursday to introduce into the negotiations so-called "business points" conceived by its new outside counsel, Foley & Lardner, that were contrary to the provisions of the agreement reached and sworn to by the parties in front of Judge Perez-Perez of the Court of the First Instance. Foley & Lardner recently represented Doral in a related matter and that raises a conflict of interest. It has a duty of loyalty to its client, Doral, from acting adversely to Doral. For that reason, Doral sought guidance from Judge Perez-Perez as to how to proceed. Judge Perez-Perez ruled that the parties will continue negotiations today under her supervision, without the participation of Foley & Lardner, and according to the terms previously agreed by the parties."
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 the case of Doral Financial Corporation against the Government of Puerto Rico can be found at www.DoralPuertoRicoFacts.com.
SOURCE Doral Financial Corporation
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV