For Immediate Release
April 01, 2022
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For more information contact Eric Quetglas at

(BPRW) Quetglas Law Office Files Lawsuit Against Popular Inc. for Alleged Banking Illegalities on Behalf of Former Boxing Greats, Tito Trinidad and His Father Don Félix

(Black PR Wire) SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- Retired world boxing champion Juan Félix Trinidad-García (“Tito”) and his father, trainer and manager Juan Félix Trinidad-Rodríguez (“Don Félix”), filed lawsuit in the U.S. District Court of Puerto Rico (Trinidad-García, et al. v. Popular Inc., et al., 21-cv-01529-ADC) (see at: against Puerto Rico’s largest banking and securities investment entities: Popular Inc.-NASDAQ:BPOP (“BPOP”)- and its subsidiaries, -Popular Securities, LLC (“PSL”)- and Banco Popular de Puerto Rico (“BPPR”). Tito and Don Félix allege that BPPR through then-President Richard Carrión (and grandson of Popular’s founder), then-PSL’s President Michael McDonald, and BPPR-Executive Vice President Juan Guerrero, and others, conspired to implement a vendetta and illegal tying scheme proscribed by the federal banking laws (12 U.S.C. §1972, et seq.), which targeted Tito and Don Félix. Popular extended secured credit lines for $23 million to the Trinidads, on the tying prohibited condition that they transfer their investment portfolios, of over $48 million, to PSL. This scheme persists and has caused the Trinidads combined losses of over $93,218,292. §1975 provides for triple damages, for which the Trinidads claim losses of over $279,654,876.

Trinidads further invoke the Court to try claims for: a confidential monetary amount for Popular’s breach of a confidential settlement; $7,102,171.73 because of Popular’s breach of a Court Judgment and illegal partial liquidation of Tito’s Collateral; $58,218,292 for losses caused to their combined portfolios; $5 million each, for mental and emotional suffering; $25 million for Tito and $10 million for Don Félix for injuries to their commercial images and reputations; plus, an equal amount for punitive damages.

The Trinidads request federal financial institutions regulators to hone in on what Popular is doing in this case to put an end to any alleged illegal practices by Popular in Puerto Rico and other global markets where it operates.

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Source: Quetglas Law Office