First BanCorp Shareholders Mortgage Portfolio Class Action Settlement

March 6 2007

New York, NY: (Mar-05-07) In 2005, shareholders filed a class action lawsuit against the Puerto Rican bank regarding accounting for mortgage portfolio sales. First BanCorp restated results after finding it had wrongly accounted for mortgage-related transactions with Doral Financial Corp. and R&G Financial Corp. since 1999. First BanCorp will pay $74.3 million to settle the shareholder class action lawsuit. [BUSINESS WEEK: FIRST BANCORP SETTLEMENT]

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