1st Circ. Won't Rehear Puerto Rico Bank's Merger Suit

Law360, New York (April 14, 2011, 4:55 PM EDT) -- The First Circuit refused Thursday to rehear en banc its March decision affirming dismissal of FirstBank Puerto Rico Inc.'s allegations that Instituto de Banca y Comercio Inc. insiders carried out a fraudulent merger in 2007.

FirstBank alleged that a three-judge panel of the U.S. Court of Appeals for the First Circuit had essentially tried to reinstate the "inquiry notice" standard rejected by the U.S. Supreme Court's decision in Merck & Co. Inc. v. Reynolds.

In its decision, the panel said that the statute of limitations began...
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