NEW YORK, Jan 2 (Reuters) - Puerto Rico’s appeal in its legal battle with local lender Doral Financial Corp over $229.9 million in disputed taxes is “baseless”, Doral’s legal counsel said in a statement on Friday.
Puerto Rico filed an appeal this week against Doral over the disputed taxes in Puerto Rico’s Appeals Court, the Doral spokeswoman said on Friday.
In October, a Puerto Rico judge ruled in favor of Doral in its dispute with the Puerto Rico Treasury Department. The judge gave Puerto Rico 60 days to appeal, a deadline that expired on Friday. After the ruling, the Treasury said it would use “all legal options available” to appeal the ruling.
Earlier in 2014, the Treasury Department voided a 2012 agreement that set the tax refund for Doral resulting from a restatement of inflated earnings during a six-year period from 1998 to 2004. (Reporting by Edward Krudy and Rodrigo Campos; writing by Megan Davies; Editing by Diane Craft)