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Puerto Rico Supreme Court rejects Doral Bank case

June 21, 2014

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s Supreme Court has declined to get involved in a $230 million battle between the local government and one of the island’s biggest banks. But it’s telling a lower court to make a quick ruling in the case.

Doral Financial Corp. had asked the court to intervene in its appeal of a recent lower court ruling that the dispute should be resolved through an administrative process with Puerto Rico’s Treasury Department.

Doral Bank maintains it is owed a $230 million refund in overpaid taxes, but the government announced in May that it was nullifying the multimillion-dollar agreement in part because the statute of limitations had run out.

The island’s Supreme Court stated late Friday that an appellate court should hold a hearing and issue a ruling on or before Thursday.

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