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Mortgage Lender Seeks To Bar Shareholder Suits

Law360 (June 12, 2007, 12:00 AM EDT) -- Fearing a “flood of collateral litigation” that could send it into bankruptcy, Puerto Rico's largest mortgage lender, Doral Financial Corp., has urged a New York court to stop shareholders from pursuing parallel claims until final approval is granted for a proposed $129 million settlement of two securities fraud lawsuits.

Doral, which reached the settlement agreement with lead plaintiffs in a shareholder class action and a separate derivate lawsuit in April, asked the court on Thursday to enforce a May 2 preliminary approval order that prevents litigation...
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