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Review board denies Banco Popular's request for damages in dispute with FDIC

An arbitration board has denied another of Banco Popular de Puerto Rico's requests for damages regarding a commercial loss-share agreement with the FDIC.

The loss-share agreement is related to the FDIC-assisted transaction for Westernbank Puerto Rico in 2010. The Popular Inc. unit was requesting approximately $88.5 million plus interest in connection with the FDIC's refusal to concur in certain of Banco Popular's proposed portfolio sales.

As a result, Popular expects to record a pretax charge of approximately $115 million for the quarter ending Dec. 31.