Popular Announces Agreement to Settle Shareholder Derivative Claims
April 15 2011 - 8:30AM
Business Wire
Popular, Inc. (Nasdaq: BPOP) announced today that it and the
plaintiffs and named defendants have entered into a memorandum of
understanding in connection with the settlement of two shareholder
derivative actions, one filed in the United States District Court
for the District of Puerto Rico and one filed in the Puerto Rico
Court of First Instance, San Juan Part.
Under the terms of the memorandum of understanding, subject to
certain customary conditions, including court approval of a final
settlement agreement, in consideration for the full and final
settlement and release of all defendants, Popular has agreed, for a
period of three years, to maintain or implement certain corporate
governance practices, measures and policies, as set forth in the
memorandum of understanding. Aside from the payment by or on behalf
of Popular of approximately $2.1 million of attorneys’ fees and
expenses of counsel for the plaintiffs, the settlement does not
require any cash payments by or on behalf of Popular or the
defendants. The parties intend to file a joint request to approve
the settlement.
Popular made no admission of liability in connection with the
settlement.
At this point, the settlement agreement is not final and is
subject to a number of future events, including approval of the
settlement by the relevant court. There can be no assurances that
the settlement will be finalized.
Founded in 1893, Popular, Inc. is the leading banking
institution by both assets and deposits in Puerto Rico and ranks
35th by assets among U.S. banks. In the United States, Popular has
established a community-banking franchise providing a broad range
of financial services and products with branches in New York, New
Jersey, Illinois, Florida and California.
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