Puerto Rico appeals court rules that territory's $229 million deal with Doral Bank is void
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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.
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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.