|[May 05, 2014]
DORAL FINANCIAL INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates Doral Financial Corporation Following Disclosure of FDIC Ruling Forcing Revised Capital Plan
NEW ORLEANS --(Business Wire)--
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a
partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces
that KSF has commenced an investigation into Doral Financial Corporation
On May 1, 2014, Doral, the holding company for Doral Bank, which has
operations in the United States and Puerto Rico, announced that it is in
the process of developing a revised capital plan intended to enable the
Company to remain in compliance with the requirements of its regulators.
Among other things, this revised plan is intended to address a recent
determination by the Federal Deposit Insurance Corporation (the "FDIC")
regarding the treatment of tax receivables from the Government of Puerto
Rico, which represent approximately 43% of its assets. The FDIC ruled
that Doral may no longer include in its calculation of its Tier 1
Capital some orall of the tax receivables from the Government of Puerto
Rico. The revised plan "may include a sale of certain performing and
non-performing assets and businesses and a modification of [Doral's]
Since this news the price of Doral's shares declined by over 60%.
KSF's investigation is focusing on whether Doral and/or its officers and
directors violated state or federal securities laws.
If you have information that would assist KSF in its investigation, or
would like to discuss your legal rights, you may, without obligation or
cost to you, e-mail or call KSF Managing Partner Lewis Kahn (firstname.lastname@example.org)
or KSF Partner Melinda Nicholson (email@example.com)
toll free at 1-877-515-1850.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General
Charles C. Foti, Jr., is a law firm focused on securities class action
and shareholder derivative litigation with offices in New York and
Louisiana. KSF's lawyers have significant experience litigating complex
securities class actions nationwide on behalf of both institutional and
To learn more about KSF, you may visit www.ksfcounsel.com.
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