Banco Popular asks Supreme Court intervention in dispute with Félix “Tito” Trinidad

The lawyers of Banco Popular de Puerto Rico has filed a petition with the Superior Court to cancel a decision by Judge Anthony Cuevas Ramos transfer some of the money to the accounts of the former world boxing champion, Félix “Tito” Trinidad

It is the final remedy left to the financial institution to resolve a controversy that began in mid-2020 when it discontinued payments as part of a 2014 deal.

Last November, Cuevas Ramos decided that Banco Popular would deposit the amount of $ 720,000 in a personal account in Trinidad over a 24-hour period, as well as the accrued interest at a rate of 4.5%. They were also called to send $ 444,800 on top of interest at a rate of 4.5% to another account at Oriental Bank for a total of $ 1,184,800

However, Banco Popular’s legal filing asked the Court of Appeals to stop payments because Cuevas Ramos’ decision was “wrong”. Two of the three judges decided ‘no place’, while Judge Grace Grana Martínez had voted against. Nevertheless, the institution has submitted a reconsideration which has also failed.

That’s why he is now going to the Supreme Court. However, it is not the first time that Banco Popular has requested the intervention of the high forum. In the previous two times, the judges chose not to intervene in the case, confirming the rulings of the San Juan Court of First Instance

“We have 10 days to set out our arguments in writing, which will be essentially the same. In the previous two times, the Supreme Court has chosen not to intervene and we will see if the same happens this time, ”said Eric Questglas, a Trinidadian attorney.

Trinidad and Banco Popular agreed in 2014 that money would be transferred monthly to cover mortgage payments and, in addition, personal expenses. Banco Popular states that the balance that earned interest to meet the agreement has been exhausted. Since March 2020, he ended the agreement which was eventually reversed by Judge Cuevas Ramos.

The controversy is unrelated to the lawsuit that Trinidad filed in 2014 to recover some of the fortune he amassed in the boxing rental business during his career. The multiple former world champion claims he was not adequately advised when he transferred balance sheets and a $ 20 million credit line from Wells Fargo to Banco Popular.