PwC, UBS Axed From Banco Popular Shareholder Suit

Law360, New York (August 4, 2010, 3:55 PM EDT) -- A federal judge has pared down a consolidated class action accusing the holding company for Banco Popular North America Inc. of improperly recording a valuation allowance against deferred tax assets, dropping several underwriters and PricewaterhouseCoopers LLP from the suit.

Judge Gustavo A. Gelpi of the U.S. District Court for the District of Puerto Rico on Monday also dismissed several of the plaintiffs' claims against Popular Inc. and several individual director defendants under two sections of the Securities Act involving false registrations and prospectuses and other communications....
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