Mortgage Lender Seeks To Bar Shareholder Suits

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.