The lone shareholder in a scandal-plagued Puerto Rican bank lost his bid to sue the company overseeing the bank’s liquidation over a $15 million settlement with US authorities and an allegedly improper sale of the shareholder’s artwork.
Julio Martin Herrera Velutini, the founder and sole shareholder in Bancredito Bank Holding Corp., voluntarily signed a contract with Driven Administrative Services LLC allowing it to take any necessary actions to liquidate Bancredito International Bank & Trust Corp.—the bank’s operating unit—as Driven saw fit, according to a Thursday order from Judge Camille L. Velez-Rive of the US District Court for the District of ...
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