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1st Circ. Nixes FirstBank Appeal In Merger Fraud Suit

Law360, New York (March 17, 2011, 4:42 PM EDT) -- The First Circuit has declined to revive FirstBank Puerto Rico Inc.'s suit accusing Instituto de Banca y Comercio Inc. insiders of carrying out a fraudulent merger in 2007 to deprive it of its 15 percent stake in the educational institution.

A three-judge panel of the U.S. Court of Appeals for the First Circuit on Wednesday rejected FirstBank’s claims that it held a warrant that gave it a right to acquire 15 percent of IBC and that the defendants engaged in a fraudulent scheme to deprive FirstBank...
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