First BanCorp Ordered To Pay $74.25 Mln To Settle
Class Action News
[##_1L|1357141336.jpg|width="120" height="138" alt=""|_##]First BanCorp Holding Co. announced that the United States District Court for the District of Puerto Rico has issued preliminary order on August 1, 2007, asking the company to pay $74.25 million to settle a class action lawsuit filed by shareholders. First BanCorp said that $61 million settlement amount has to be deposited in a settlement fund within fifteen calendar days of the issuance of the preliminary order. The remaining settlement amount of $13.25 million will be paid before December 31, 2007, the company added.
The company noted that this class action lawsuit settlement will have no impact on earnings and capital in 2007, as it has accrued $74.25 million in 2005 for the potential settlement of the class action lawsuit.
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