Sarbanes-Oxley Act – RIVERO MESTRE LLP | Miami + New York Attorneys | International Law | Commercial Litigation https://www.riveromestre.com Mon, 28 Apr 2025 21:10:53 +0000 en-US hourly 1 Rivero Mestre successfully defends bank’s D&Os in a $130 million derivative claim https://www.riveromestre.com/2011/07/14/rivero-mestre-successfully-defends-banks-dos-130-million-dollar-derivative-claim/#utm_source=rss&utm_medium=rss Thu, 14 Jul 2011 22:32:30 +0000 http://www.riveromestre.com/news/rm-successfully-defends-banks-dos-130-million-dollar-derivative-claim/ 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 post Rivero Mestre successfully defends bank’s D&Os in a $130 million derivative claim appeared first on RIVERO MESTRE LLP | Miami + New York Attorneys | International Law | Commercial Litigation.

]]> 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.

See related Court Order

 

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 clients in a broad range of complex commercial disputes including financial institution matters, antitrust matters, intellectual property disputes, and litigation and arbitration relating to Latin American trade and investment. For more information, visit www.riveromestre.com?utm_source=rss&utm_medium=rss.

The post Rivero Mestre successfully defends bank’s D&Os in a $130 million derivative claim appeared first on RIVERO MESTRE LLP | Miami + New York Attorneys | International Law | Commercial Litigation.

]]>