Court Tosses Suit Against BanCorp Execs

Law360, New York (December 4, 2006, 12:00 AM EST) -- A federal judge has thrown out a derivative suit against current and former officers and directors of First BanCorp alleging abuse of control, waste of corporate assets and unjust enrichment, among other charges.

U.S. District Judge Gustavo A. Gelpi dismissed the six-count derivative complaint in its entirety Thursday, holding that the plaintiffs had failed to raise reasonable doubt about the independence of the company’s board, and didn’t plead with particularity that their demand that the company take up their claims in court was futile.

“We’re pleased...
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