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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.