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Puerto Rico appeals $230M Doral Bank case ruling

January 2, 2015

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s government says it has appealed a court ruling that effectively means it must repay $230 million to Doral Financial Corporation.

The island’s Justice Department said Friday that it is seeking to have October’s ruling by the Court of First Instance revoked.

Doral Bank says it is owned the money because of overpaid taxes. Puerto Rico’s government originally said the bank had the right to request the refund, but later nullified the deal, saying the statute of limitations had run out. The court ruled the deal was valid.

The island has entered its eighth year in recession and is struggling with $73 billion in public debt.

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