Banco Popular Settles Securities Action For $37.5M

Law360, Wilmington (June 20, 2011, 2:50 PM EDT) -- A federal judge on Monday gave preliminary approval to a $37.5 million settlement between Popular Inc. and a class of shareholders in litigation alleging that the Puerto Rican bank deceived investors about the weak financial condition of its U.S. arm.

Shareholder Russell Hoff filed suit in 2009 against the bank, its CEO and chief financial officer, contending that Popular filed a series of financial statements in 2008 and early 2009 that included hundreds of millions of dollars in improper deferred tax assets, resulting in an artificially...
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