Banco Popular requests the intervention of the Supreme Court in a dispute with Felix “Tito” Trinidad

The lawyers of Banco Popular de Puerto Rico filed a petition with the Superior Court for a determination of Judge Anthony Cuevas Ramos to be set aside transfer some sums of money to the accounts of world boxing champion Felix “Tito” Trinidad.

It is the last resort left for the financial institution to resolve a controversy that began in mid-2020 when it stopped payments as part of a deal dating back to 2014.

Last November, Cuevas Ramos ruled that Banco Popular had to deposit in a 24-hour period the sum of $ 720,000 in a personal account of Trinidad, as well as the accrued interest at the rate of 4.5%. They were also called to deposit $ 444,800 in addition to interest at the 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 on the grounds that Cuevas Ramos’ decision was “wrong.” Two of the three judges ruled ‘not appropriate’ while Judge Grace Grana Martínez submitted a dissenting vote. However, the institution underwent a reconsideration that was not successful either.

That is why he is now going to the Supreme Court. However, this 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, validating the determinations in the Court of First Instance in San Juan.

“We have 10 days to present in writing our arguments which will be basically the same. In the previous two times the Supreme Court has chosen not to intervene and we will see if this time the same thing happens,” said Eric Questglas, Trinity’s lawyer.

Trinidad and Banco Popular agreed in 2014 that monthly money transfers would be made to meet mortgage payments and, in addition, personal expenses. Banco Popular claims that the balance that generated interest to comply with the agreement was exhausted. From March 2020 he put an end to the agreement which was eventually reversed by Judge Cuevas Ramos.

The controversy is unrelated to the lawsuit filed by Trinity in 2014 with the intent of recovering some of the fortune he accumulated during his career in boxing. The multiple world champion claims he was not properly advised when he transferred the balance sheets and a line of credit that amounted to $ 20 million from Wells Fargo to Banco Popular.