MIAMI – Rivero Mestre successfully represented ten of Westernbank Puerto Rico’s top directors and officers (“D&Os”) in Wylie v. Stipes, et al., a shareholder’s derivative action claiming over $130,000,000.
The action alleged that the D&Os failed in their primary fiduciary duty to ensure the bank was operated in a safe and sound manner. The suit also alleged violations of the Sarbanes-Oxley Act of 2002, 15 U.S.C. §§ 7201 et seq., waste of corporate assets, unjust enrichment, and violations of Puerto Rico’s General Corporations Law of 1995, P.R. Laws Ann. tit. 14, §§ 2601 et seq. In the United States District Court for the District of Puerto Rico, before Judge Gustavo A. Gelpi, Andrés Rivero and M. Paula Aguila of Rivero Mestre secured a complete dismissal of the suit. The Court concluded that the derivative suit was not in the best interest of Westernbank and as a result, it dismissed the actions against all of Rivero Mestre’s clients.
About Rivero Mestre LLP
Rivero Mestre, from its offices in Miami and New York, represents clients from investigation to verdict and appeal in complex business disputes in U.S. federal courts, state courts, and domestic and international arbitration proceedings. The firm’s practice focuses primarily on representing corporate and institutional clients in a broad range of complex commercial disputes including financial institution matters, intellectual property disputes, and litigation and arbitration relating to Latin American trade and investment. For more information, visit www.riveromestre.com.