trending Market Intelligence /marketintelligence/en/news-insights/trending/gskEn6VxjNj9SLQn8rtSkw2 content esgSubNav
In This List

Court dismisses insurance benefit disclosure suit vs. FirstBank

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook

Blog

Banking Essentials Newsletter 2021: December Edition


Court dismisses insurance benefit disclosure suit vs. FirstBank

A court on July 31 dismissed with prejudice a class-action suit against Banco Popular de Puerto Rico, FirstBank Puerto Rico and other institutions with insurance agency subsidiaries in the commonwealth, over an alleged breach of fiduciary duty.

Antilles Insurance Co. in November 2015 received regulatory approval to market an endorsement allowing customers to get insurance premium reimbursements for good experience. But the defendants allegedly preferred to tell their clients about other products, sometimes failing altogether to offer the new Antilles insurance benefit. This failure, the plaintiffs claim, violated their fiduciary duties as insurance producers. They sought damages and injunctive relief.

The case is Ramirez Torres, et al. v Banco Popular de Puerto Rico, et al. The plaintiffs may file for reconsideration until August 2015.