Puerto Rico court rules against Doral Bank in $229M deal

SAN JUAN, Puerto Rico (AP) — A Puerto Rico appeals court has voided a multimillion-dollar deal between the U.S. territory and one of the island’s biggest banks.

The court ruled Wednesday that the local government does not owe Doral Bank $229 million in overpaid taxes.

Puerto Rico’s government had announced last May that it was nullifying the 2012 agreement in part because the statute of limitations had run out.

Executives with Doral did not immediately return a message asking for comment on Wednesday’s ruling.

Both the bank and the government have been struggling financially.

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