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IN RE FIRST BANCORP DERIVATIVE LITIGATION

Civil No. 06-1064 (GAG).

465 F.Supp.2d 112 (2006)

In re FIRST BANCORP DERIVATIVE LITIGATION.

United States District Court, D. Puerto Rico.

November 30, 2006.

Attorney(s) appearing for the Case

Jane A. Becker-Whitaker, Jane Becker Whitaker, PSC, San Juan, PR, Eric L. Zagar, Schiffrin & Barroway, LLP, William B. Federman, Federman & Sherwood, Oklahoma City, OK, Marc M. Umeda, Robbins Umeda & Fink LLP, San Diego, CA, Reynaldo Quinones-Souss, Hulsey Litigation Group, L.L.C., Charleston, SC, for Plaintiffs.

Ernesto F. Rodriguez-Suris, Ernesto F. Rodriguez Suris Law Office, Guaynabo, PR, Aimee D. Latimer, Bruce M. Bettigole, Heidi L. Steiber, Mayer Brown Rowe & Maw LLP, Washington, DC, Claudius 0. Sokenu, Joseph De Simone, Mayer, Brown, Rowe & Maw LLP, New York, NY, Andres Guillemard-Noble, Nachman & Guillemard, San Juan, PR, Matthew T. McLaughlin, William D. McCracken, Venable LLP, New York, NY, Alberto J. Soler, Jonathan M. Hoff, Joshua R. Weiss, Cadwalader, Wickersham & Taft LLP New York, NY, Eric A. Tulla, Rivera Tulla & Ferrer, Hato Rey, PR, Matthew L. Mustokoff, Joseph S. Allerhand, Richard W. Slack, Weil, Gotshal & Manges, LLP, New York City, for Defendants.

OPINION AND ORDER

GELPI, District Judge.

Lead plaintiffs David Sanders, Carolyn Phillips, and Michael Elpern brought this shareholder derivative action on behalf of First BanCorp against certain current and former officers and directors of First BanCorp seeking to remedy defendants' violations of law, including breaches of fiduciary duties, abuse of control, gross mismanagement, waste of corporate assets, and unjust enrichment. Defendants move to...

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