Doral Shareholder Urges Court To Block Settlement

Law360, New York (June 26, 2007, 12:00 AM EDT) -- A Doral Financial Corp. shareholder has objected to the proposed settlement in the derivative action against former executives of the mortgage lender accused of orchestrating a massive five-year fraud, arguing the deal is worthless and lets the firm's outside auditors off the hook.

The lone dissenter, Dr. Robert Fox has also criticized an application for $1 million in attorneys' fees filed by lead counsel in the case, Federman & Sherwood, saying Puerto Rico-based Doral should not have to foot the excessive bill.

Fox, who claims he...
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