The competition was hosted by the University of Miami School of Law to raise money for Legal Services of Greater Miami, Inc. Twenty-four attorneys from local firms and government entities competed. Each competitor presented a closing argument for either the plaintiff or the defense and 16 advanced to a tournament-style competition. Paschal, a two-year attorney, faced off against lawyers with up to seven years of experience. He ultimately won the championship and was presented with the perpetual trophy contributed by Bilzin Sumberg at the Victory Celebration after the competition.

LSGMI annually provides services benefitting more than 30,0000 vulnerable clients, including women, children, seniors, veterans returning from combat, domestic violence victims, people with disabilities, and individuals undergoing foreclosures or other loss of housing.

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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.

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.