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SETTLEMENT AND RELEASE AGREEMENT 

This Settlement and Release Agreement ("Agreement") is made by, between, and among 

the following undersigned parties: 

The Plaintiff Federal Deposit Insurance Corporation as Receiver for Eurobank, San Juan, 

Puerto Rico (''FDIC-R"), and Rafael Arrillaga-Torrens, Jr.; William Torres-Torres; Luis 

Hernandez-Santana; Ricardo Levy-Echeandia; Antonio Pavia-Bibiloni; Pedro Feliciano-Benitez; 

Juan G6mez-Cuetara; the heirs of Placido Gonzalez-C6rdoba, who are Maria Eugenia Gonzalez 

Mufi.oz, Guillermo Placido Gonzalez Gonzalez, and Alberto Luis Gonzalez Gonzalez; and Diana 

Lopez-Feliciano; Nora L6pez-Rodriguez and the Hemandez-L6pez conjugal partnership; 

Lourdes Al'ce-Rivera the Levy-Arce conjugal partnership; Judith Vidal-G6mez and the PaviaVidal conjugal partnership; and Rocio Gil-Gomez de Liafio and the Gomez-Gil conjugal 

partnership (collectively the "Settling D&O Defendants"); and Liberty Mutual Insurance 

Company ("Liberty"), ACE Insurance Company n/k/a Chubb Insurance Company of Puerto Rico 

("ACE"), and XL Specialty Insurance Company ("XL") (collectively the "Insurers") 

(individually, the FDIC-R, the Settling D&O Defendants, and the Insurers may be referred to 

herein as "Patty" and collectively as the "Parties"). 

RECITALS 

WHEREAS: 

Prior to April 30, 2010, Eurobank:, San Juan, Puerto Rico (the "Bank") was a depository 

institution organized and existing under the laws of the Commonwealth of Puerto Rico; 

On April 30, 2010, the Puerto Rico Office of the Commissioner of Financial Institutions 

closed the Bank, and pursuant to 12 U.S.C. § 182l(c) the Federal Deposit lnsurance Corporation 

was appointed Receiver. In accordance with 12 U.S.C. § 182l(d), the FDIC-R succeeded to all 

rights, titles, powers and privileges of the Bank, including those with respect to its assets; 

Among the assets to which the FDIC-R succeeded were all of the Bank's claims, 

demands, and causes of action against its former directors, officers, and employees arising from 

the performance, nonperlormance, and manner of performance of their respective functions, 

duties and acts as directors, officers, and employees of the Bank; 

On April 26, 2013, the FDIC-R filed a complaint for money damages against the Settling 

D&O Defendants, each of whom served at various times as a director and/or officer of the Bank, 

and against the lnsurers. Those claims for damages are now pending in the action, Federal 

Deposit Insurance Corporation as Receiver for Eurobank v. Arril/aga, et al., Case Number 13-

1328 (PAD) (D.P.R.) (the "D&O Action"). The Settling D&O Defendants and the Insurers have 

denied liability in the D&O Action. 
(b )( 4) 

(b)(4) 

(b )( 4) 

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The Insurers issued the following director and officer liability policies (collectively, the 

''Policies"): 

1) Primary Policy (the "Liberty Policy") 

e1 

Policy Number: 

Limits of Policy: $10,000,000 

2) First Excess Policy 

' CE 

:-----c~----, 

Policy Number: ~--~ 

Limits of Policy: $10,000,000 

3) Second Excess Policy 

Policy Number: ,__ ____ ___. 

Limits of Policy: $15,000,000 

The Settling D&O Defendants sought coverage under the Policies for the D&O Action. The 

Insurers have reserved their rights to deny coverage under the Policies for claims asserted by 

FDIC-R against the Settling D&O Defendants. 

On March 6, 2017, Liberty filed an interpleader action against the FDIC-Rand the 

Settling D&O Defendants seeking a declaration of its rights and obligations under the Liberty 

Policy with regard to the claims asserted by the FDIC-R in the D&O Action. That action is 

Liberty Mutual Insurance Company v. Federal Deposit Insurance Corporation as Receiver/or 

Eurobank, et al., Case No. 3:17-cv-01328-WGY (D.P.R.) (the "lnterpleader Action"). In the 

lnterpleader Action, Liberty deposited the remaining limits of the Liberty Policy into the registry 

of the Court, which funds shall be used to pay a portion of the Settlement Payment as set forth 

below. 

The undersigned Parties deem it in their best interests to enter into this Agreement to 

avoid the uncertainty and expense of further litigation. 

NOW, THEREFORE, in consideration of the promises, undertakings, payments, and 

releases stated herein, the sufficiency of which consideration is hereby acknowledged, the 

undersigned Parties agree, each with the other, as follows: 

SECTION I: Payment to FDIC-R 

A. As an essential covenant and condition to this Agreement, the Insurers, severally 

agree to pay the FDIC-R the sum of $14,000,000 ("the Settlement Payment") as follows: 

Liberty: 

ACE: 

XL: 

$1,620,554.00 of the interpleaded funds in the lnterpleader Action 

$9,700,000.00 

$2,679,446.00 

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(b)(4) 

(b )( 4) 

(b )( 4) 

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B. Libe1ty's portion of the Settlement Payment is in the amount of the $1,620,554.00 

of the interpleaded funds remaining in the Interpleader Action (the "lnterpleaded Funds") and 

shall be paid solely from the Interpleaded Funds, provided however that Liberty shall pay the 

amount of $576.21 to cover that portion of the registry fees charged by the District Cowt in the 

Interpleader Action. Liberty's payment of registry fees shall be made to Rivero Mestre LLP, 

who shall apply such payment against its fees and costs incurred in this litigation. 

In the event the amount of Interpleaded Funds received by the FDIC-R is less than 

$1,620,554.00, then XL agrees to pay the amount of any shottfall within fifteen ( 15) calendar 

days ofreceiving notice from the FDIC-R of the shortfall. In the event the amount of the 

remaining Interpleaded Funds is greater than $1,620,554.00, the balance of the remaining 

~nterpleaded Funds will be ordered by the District Court to be paid to Rivero Mestre LLP, who 

shall apply such payment against its fees incmred in this litigation. Concurrently with the 

execution of this Agreement, the parties to the Interpleader Action shall execute and file in the 

lnterpleader Action an Agreed Order Regarding Disbursement of Interpleaded Funds in the form 

attached hereto as Exhibit A and requesting that the District Court order payment of the 

Interpleaded Funds to the FDIC-R in the amount of $1,620,554.00 and any remaining balance, if 

any, to Rivero Mestre LLP as soon as practicable. As provided below in Section II, Liberty shall 

be responsible for filing a stipulation of dismissal of the Interpleader Action after the FDIC-R 

and Rivero Mestre LLP, if any, bas received Liberty's portion of the Interpleaded Funds as set 

forth above. 

C. Within thirty (30) calendar days after execution of this Agreement by all Parties, 

ACE and XL shall deliver their respective p011ions of the Settlement Payment to the FDIC-R by 

wire transfer to: 

New York Main Office 

10 I Park A venue 

New York, NY 10178-0599 

212-681-6000 

212-441-6890 Fax 

Notify: Thomas M. Ruane-ORR Investigations (972) 761- 2119 

Eurobank - D&O Settlement 

In the event that ACE or XL do not deliver their respective portions of the Settlement 

Payment to the FDIC-R within thirty (30) calendar days after execution of this Agreement by all 

Parties, interest shall accrue on the unpaid amounts at the rate of 5% per annum from the date the 

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(b)(4) 
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unpaid amounts were originally due or until the date of payment, such interest to be paid solely 

by the Insurer who did not timely deliver its portion of the Settlement Payment. Regardless of 

when the District Cout1 in the Interpleader Action makes available and/or otherwise releases the 

Interpleaded Funds, no interest shall accrue on the Interpleaded Funds included within Liberty's 

share of the Settlement Payment. 

D. If the FDIC-R does not receive payment in full from ACE or XL in full on or 

before the date determined by subsection A above, then the FDIC-R, in its sole discretion, shall 

have the right at any time prior to receipt of the Settlement Payment in full (including all accrued 

interest, if any) to: 

I. Extend the period of time for the Settlement Payment, including interest 

accruing from the date determined by subsection C above, through the date of payment at a rate 

accruing at 5% per annum, to accrue only with respect to unpaid amounts due from ACE or XL, 

and such interest shall be payable only by such non-paying Insurer; or 

2. Enforce this Agreement against any Insurer which has not paid its share of 

the Settlement Payment in which event each such non-paying Insurer agrees to jurisdiction in 

United States District Court in Pue110 Rico and to pay all of the FDIC-R's reasonable attorneys' 

fees and costs expended in enforcing the terms of this Agreement; or 

3. Tenninate the Agreement and re-institute the D&O Action on the FDICR's claims against the Settling D&O Defendants and ACE and XL. The Settling D&O 

Defendants and ACE and XL further agree to waive any defense based on any statute of 

limitations that may have run or accrued between the date of the filing of the D&O Action and 

the re-instituted D&O Action and waive all objections, defenses, claims or counterclaims, 

covenant and agree not to assert any objections, defenses, claims or counterclaims that did not 

exist or were otherwise unavailable as of the date this Agreement was fully executed, and 

covenant and agree not to assert any objections, defenses, claims or counterclaims based upon 

the dismissal of Liberty from the D&O Action or the FD[C-R's retention of the Interpleaded 

Funds that it has received. The FDIC shall have thirty (30) days from the dates that the 

payments are due from ACE and XL to exercise its right to terminate this Agreement. If the 

FDIC-R exercises its right to terminate this Agreement, then within forty-five (45) calendar days 

oftennination, the FDIC-R shall return to ACE and XL the full amount that has been paid by 

such Insurer pursuant to this Agreement plus any interest accrued thereon; and/or 

4. Seek any other relief available to it in law or equity against any Insurer 

which has not paid its share of the Settlement Payment. 

Any extension of time under Section I.D.1 for delivery of the Settlement Payment or 

acceptance of a portion of the Settlement Payment shall not prejudice the FDIC-R's rights to take 

any of the actions set forth in Section I.D.2 through LD.4 at any time after the expiration of any 

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extension granted or, as to any acceptance of a partial payment, prior to receipt of Settlement 

Payment (including all accrued interest, if any) in full. 

SECTION JI: Stipulation and Dismissal 

Within ten (10) business days after the later of (1) full execution of this Agreement by all 

of the Parties, and (2) receipt of the full Settlement Payment, plus any accrued interest, the 

FDIC-R shall file a stipulation of dismissal with prejudice, executed by the attorneys for all 

Parties hereto, in the form attached hereto as Exhibit B, in the D&O Action. Within ten (10) 

business days after the later of (1) full execution of this Agreement by all of the Parties, and (2) 

receipt of the of the Interpleader Funds by FDIC-Rand if any by Rivero Mestre, LLP, Liberty 

shall file a stipulation of dismissal with prejudice, executed by the attorneys for all Parties 

hereto, in the form attached hereto as Exhibit C, in the Interpleader Action. 

SECTION Ill: Releases 

A. The FDIC-R's Releases. 

Upon receipt of the Settlement Payment in full and except as provided in Section III.E., 

the FDIC-R, for itself and its successors and assigns, hereby releases and discharges: 

1. The Settling D&O Defendants and their respective heirs, executors, 

trustees, administrators, representatives, successors, and assigns, from any and all claims, 

demands, obligations, damages, actions, and causes of action, direct or indirect, in law or in 

equity, belonging to the FDIC-R, that arise from or relate to, the performance, nonperformance, 

or manner of performance of the Settling D&O Defendants' respective functions, duties and 

actions as employees, officers and/or directors of the Bank, including without limitation the 

causes of action alleged or that could have been alleged in the D&O Action and/or the 

Interpleader Action. 

2. The Insuret-s, and their respective parents, subsidiaries, affiliates, 

managing agents, reinsurers, employees, officers, directors, representatives, claims managers, 

successors and assigns, from any and all claims, demands, obligations, damages, actions and 

causes of action, direct or indirect, in law or in equity, that arise from or relate to: (a) the 

Policies; (b) the D&O Action; (c) the lnterpleader Action; (d) the facts, circumstances, situations, 

transactions and/or events underlying the D&O Action and/or the Interpleader Action; (e) any 

claims for coverage arising from the D&O Action or facts, circumstances, situations, transactions 

and/or events underlying the D&O Action; (f) the performance, non-performance or manner of 

performance of any functions, duties or actions as directors, officers or employees of the Banlc 

by any person insured by the Policies, including the Settling D&O Defendants; and (g) any 

claims for misrepresentations, fraud, indemnity, contribution, breach of contract, bad faith, 

breach of duty, negligence or damages of any kind whatsoever arising out of or related to the 

Policies, the D&O Action, the lnterpleader Action, or the facts, circumstances, situations, 

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transactions and/or events underlying the D&O Action and/or the Interpleader Action. As part of 

this release of the Insurer, the FDIC-R agrees that any interest it may have under the Policies is 

extinguished. 

3. All other former directors, officers, and employees of the Bank, 

(collectively, the "Covered Persons") and their respective heirs, executors, trustees, 

administrators, representatives, successors, and assigns, from any and all claims, demands, 

obligations, damages, actions, and causes of action, direct or indirect, in law or in equity, 

belonging to the FDIC-R, that arise from or relate to, the performance, nonperformance, or 

manner of performance of the Covered Persons' respective functions, duties and actions as 

directors, officers and/or employees of the Bank including without limitation the causes of action 

alleged in the D&O Action. This release shall be null and void as to any Covered Person if such 

Covered Person asserts any claim against the FDlC-R. 

B. The Settling D&O Defendants' Releases. 

Effective simultaneously with the release granted in Section Ill.A. above, the Settling 

D&O Defendants, on behalf of themselves individually, and their respective heirs, executors, 

hustees, administrators, agents, repl'esentatives, attomeys, successors, and assigns, hereby 

release and discharge: 

1. The FDIC-R, and its employees, officers, directors, representatives, 

attomeys, successors and assigns, from any and all claims, demands, obligations, damages, 

actions, and causes of action, direct or indirect, in law or .in equity, that arise from or relate to, 

the Bank or to the performance, nonperformance, or manner of performance of the Settling D&O 

Defendants' respective functions, duties and actions as officers and/or directors of the Bank 

including without limitation the causes of action alleged or that could have been alleged in the 

D&O Action and/or the Interpleader Action. 

2. The Insurers, and their respective parents, subsidiaries, affiliates, 

managing agents, reinsurers, employees, officers, directors, agents, representatives, claims 

managers, attorneys, successors and assigns, from any and all claims, demands, obligations, 

damages, actions and causes of action, direct or indirect, in law or in equity, that arise from or 

relate to: (a) the Policies; (b) the D&O Action; (c) the Interpleader Action; (d) the facts, 

circumstances, situations, transactions and/or events underlying the D&O Action and/or the 

Interpleader Action; ( e) any claims for coverage arising from the D&O Action or facts, 

circumstances, situations, transactions and/or events underlying the D&O Action; (f) the 

performance, non-performance or manner of performance of any functions, duties or actions as 

directors, officers or employees of the Bank by any person insured by the Policies, including the 

Settling D&O Defendants; and (g) any claims for misrepresentations, fraud, indemnity, 

contribution, breach of contract, bad faith, breach of duty, negligence or damages of any kind 

whatsoever arising out of or related to the Policies, the D&O Action, the Interpleader Action, or 

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the facts, circumstances, situations, transactions and/or events underlying the D&O Action 

and/or the Interpleader Action. Provided, however, this release does not apply to the obligation 

of XL to pay defense expenses reasonably incurred by the Settling D&O Defendants through the 

date of dismissal of the D&O Action which have not yet been reviewed, processed and paid by 

the Insurers or through the Interpleader Action. 

3. Each of the other Settling D&O Defendants and all other persons and 

entities who are Insureds under the Policies from all contribution, apportionment and indemnity 

rights, claims and causes of action arising out of or relating to the causes of action that were 

asserted or could have been asserted in the D&O Action and/or the Interp1eader Action. 

C. The Insurers' Releases. 

Effective simultaneously with the releases granted in Section III.A. above, the Insurers, 

for themselves and their successors and assigns, and on behalf of their parents, subsidiaries, 

affiliates and reinsurers, and their successors and assigns, hereby release and discharge: 

1. The FDIC-R, and its employees, officers, directors, agents, 

representatives, attorneys, successors, and assigns, from any and all claims, demands, 

obligations, damages, actions, and causes of action, direct or indirect, in law or in equity, that 

arise from or relate to: (a) the Policies; (b) the D&O Action; (c) the Interpleader Action; and (d) 

the facts, circumstances, situations, transactions and/or events underlying the D&O Action 

and/or the Interpleader Action. 

2. The Settling D&O Defendants and their respective heirs, executors, 

trustees, administrators, agents, representatives, attorneys, successors, and assigns., from any and 

all claims, demands, obligations, damages, actions, and causes of action, direct or indirect, in law 

or in equity, that arise from or relate to: (a) the Policies; (b) the D&O Action; (c) the Interpleader 

Action; and (d) the facts, circumstances, situations, transactions and/or events underlying the 

D&O Action and/or the Interpleader Action. 

D. Exceptions from Releases by FDIC-R. 

1. Notwithstanding any other provision of this Agreement, the FDIC-R does 

not release, and expressly preserves fully and to the same extent as if this Agreement had not 

been executed, any claims or causes of action: 

a. Against the Settling D&O Defendants, the Insurers or any other 

person or entity for liability, if any, incuned as the maker, endorser or guarantor of any 

promissory note or indebtedness payable or owed by them to FDIC-R, the Bank, other financial 

institutions, or any other person or entity, including without limitation any such claims acquired 

by FDIC-R as successor in interest to the Bank or any person or entity other than Bank; and 

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b. Against any person or entity not expressly released by the FDIC-R 

in this Agreement. 

2. Notwithstanding any other provision of this Agreement, nothing in this 

Agreement shall be construed or interpreted as Jimiting, waiving, releasing, or compromising the 

jurisdiction and authority of the Federal Deposit Insurance Corporation in the exercise of its 

supervisory or regulatory authority or to diminish its ability to institute administrative 

enforcement or other proceedings seeking removal, prohibition, or any other relief it is 

authorized to seek pursuant to its supervisory or regulatory authority against any person. 

3. Notwithstanding any other provision of this Agreement, this Agreement 

does not purport to waive, or intend to waive, any claims that could be brought by the United 

States through the Depru.tment of Justice, the United States Attorney's Office for any federal 

judicial district, or any other department or agency of the United States as defined by 18 U.S.C. 

§ 6. In addition, the FDIC-R specifically reserves the right to seek court-ordered restitution 

pursuant to the relevant provisions of the Mandatory Victims Restitution Act, 18 U.S.C. §§ 3322 

and 3663 et. seq., if appropriate. 

SECTION IV: Waiver of Dividends and Proceeds from Litigation 

To the extent, if any, that any of the Settling D&O Defendants or the Insurers are or were 

shareholders of the Bank or its holding company and by virtue thereof are or may be entitled to a 

dividend, payment, or other distribution upon resolution of the receivership of the Bank or 

proceeds in any litigation that has been or could be brought against the Federal Deposit 

Insurance Corporation in any capacity or against the United States based on or arising out of, in 

whole or in part, the closing of the Bank, or any alleged acts or omissions by the Federal Deposit 

Insurance Corporation in any capacity, the United States government, or any agency or 

department of the United States government in connection with the Bank, its conservatorship, or 

receivership, the Settling D&O Defendants and the Insurers hereby knowingly assign to the 

FDIC-R any and all rights, titles, and interest in and to any and all such dividends, payments, or 

other distributions, or proceeds. 

SECTION V: Representations and Acknowledgements 

A. Authorized Signatories. All of the undersigned persons represent and warrant that 

they are Parties hereto or are authorized to sign this Agreement on behalf of the respective Party, 

and that they have the full power and authority to bind such Party to each and every provision of 

this Agreement. This Agreement sha!J be binding upon and inure to the benefit of the 

undersigned Parties and their respective heirs, executors, trustees, administrators, representatives, 

successors and assigns. 

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B. Advice of Counsel. Each Party hereby acknowledges that he, she, or it has 

consulted with and obtained the advice of counsel prior to executing this Agreement, and that 

this Agreement has been explained to that Party by his or her counsel. 

C. Financial Disclosure Representation. Each Settling D&O Defendant has 

submitted financial information to the FDIC-R including financial statements and herein affirms 

that his/her financial information is true and accurate as of the date of this agreement. Each 

Settling D&O Defendant expressly acknowledges that, in determining to settle the claims 

released herein, the FDIC-R has reasonably and justifiably relied upon the accuracy of the 

financial information submitted by the Settling D&O Defendants. The FDIC-R has no obligation 

to independently verify the completeness or accuracy of that financial information. If the FDICR establishes via a final adjudication in an appropriate judicial forum that a Settling D&O 

Defendant failed to disclose, any material interest, legal, equitable, or beneficial, in any asset, 

that Settling D&O Defendant agrees to cooperate fully with the FDIC-R to provide updated 

financial information and to pay to the FDIC-R the lesser of (1) the value of the Settling D&O 

Defendant's undisclosed material interest in such asset(s); or (2) the amount of unpaid damages 

alleged against that Settling D&O Defendant. 

SECTION VI: Reasonable Cooperation 

A. The Parties agree to cooperate in good faith to effectuate all the terms and 

conditions of this Agreement, including doing, or causing their agents and attorneys to do, 

whatever is reasonably necessary to effectuate the signing, delivery, execution, filing, recording, 

and entry, of any documents necessary to conclude the D&O Action, the Interpleader Action, 

and to otherwise perform the te1ms of this Agreement. 

SECTION VII: Other Matters 

A. No Admission of Liability. The undersigned Parties each acknowledge and agi·ee 

that the matters set forth in this Agreement constitute the settlement and compromise of disputed 

claims and defenses, that this Agreement is not an admission or evidence of liability or infirmity 

by any of them regarding any claim or defense, and that the Agreement shall not be offered or 

received in evidence by or against any Party except to enforce its terms. 

B. Execution in Countemarts. This Agreement may be executed in counterparts by 

one or more of the Parties and all such counterparts when so executed shall together constitute 

the final Agreement, as if one document had been signed by all Parties; and each such 

counterpart, upon execution and delivery, shall be deemed a complete original, binding the 

Parties subscribed thereto upon the execution by alJ Parties to this Agreement. 

C. Choice of Law. This Agreement shall be interpreted, construed and enforced 

according to applicable federal law, or in its absence, the laws of the Commonwealth of Puerto 

Rico. 

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(b)(6) 

(b )(6) 

(b)(6) 

(b )(6) 

(b)(6) 

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D. Notices. Any notices required hereunder shall be sent by registered mail, first 

class, retum receipt I"equested, and by email, to the following: 

If to the FDIC-R: 

John V. Church 

Counsel, Federal Deposit Insurance Corporation 

3501 Fairfax Dr., B-7056 

rlington, VA 22226 

and 

Steven L. Hoard 

MULLIN HOARD & BROWN, LLP 

500 S. Taylor, Suite 800 

P.O. Box 31656 

arillo, TX 79120-1656 

and 

Jairo A. Mellado-Villareal 

MELLADO & MELLADO VILLAREAL 

165 Ponce de Leon Ave., Ste. 202 

Juan, PR 00917-1233 

If to the SettHng D&O Defendants: 

Andres Rivero 

Paula Aguila 

RIVERO MESTRE LLP 

2525 Ponce de Leon Boulevard 

Suite 1000 

------- nu· ami, Florida 33134 

==-====== 

and 

Luis Sanchez Betances 

SIFRE & MUNOZ-NOY A, PSC 

33 Bolivia St., 5th flr 

P.O. Box 364428 

Juan, PR 00936A428 

10 
(b )(6) 

(b )(6) 

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If to Liberty: 

Mariel Haack 

ADSUAR MUNIZ GOYCO SEDA & PEREZ-OCHOA, P.S.C. 

208 Ponce de Leon Ave., Suite 1600 

--..:'\Rn Juan, PR 00918 

Ifto ACE: 

Michael Goodstein 

BAILEY CAVALIERJ, LLC 

10 W. Broad St., Ste 2100 

----.._~, .. ,mbus, OH 43215 

Ifto XL: 

Leslie S. Ahari 

Jack Gerstein 

CL YOE & CO US LLP 

1775 Pennsylvania Ave., NW, Suite 400 

ashington, DC 20006 

E. Entire Agreement and Amendments. This Agreement constitutes the entire 

agreement and understanding between and among the undersigned Parties concerning the matters 

set forth herein and supersedes any prior agreements or understandings. This Agreement may 

not be amended or modified, nor may any of its provisions be waived, except in writing signed 

by the Parties bound thereby, or by their respective authorized attorney(s), or other 

representative(s ). 

F. Titles and Captions. All section titles and captions contained in this Agreement 

are for convenience only and sha11 not affect the interpretation of this Agreement. 

G. No Confidentiality. The undersigned Patties acknowledge that this Agreement 

shall not be confidential and will be disclosed pursuant to the Federal Deposit lnsurance 

Corporation's applicable policies, procedures, and other legal requirements. 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by 

each of them or their duly authorized representatives on the dates hereinafter subscribed. 

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I 

Date: 

FEDERAL 

q / I 

DEPOSIT 

'I/~ a I <j 

INSURANCE CORPORATION 

BY: 

AS RECEIVER FOR 

.-----

EUROB ~ 

r I 

RAFAEL ARRD...LAGA-TORRENS, JR. 

Date:. ____ _ 

WILLIAM TORRES-TORRES 

Date: ____ _ 

LUIS HERNANDEZ-SANTANA 

Date: ____ _ 

RICARDO LEVY-ECHEANDiA 

Date:. _ ___ _ 

ANTONIO PA viA-BIBILONI 

Date: ·-----

PRINT NAME: C>H ,J " . Cl-) V.(G.., 

TITLE: CO IJIIJJ c..l J f: \) .J:' C. 

BY:. __________ _ 

PRINT NAME:. _______ _ 

TITLE: _________ _ 

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TITLE:. _________ _ 

BY:. __________ _ 

PRINT NAME:. _______ _ 

TITLE:. __________ _ 

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FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR EUROBANK 

Date: ____ _ BY: __________ _ 

PRINT NAME: _______ _ (b)(6) 

TITLE,-:-=..-=..-:...-:...-:...-:...-:....-_-~----=----_--:.... - __,, - __ .:::: - _- __, "'"" 

~'l,,JlμLI.LAGA-TORRENS, JR. 

Date:-....-'--____ W__.;/-i BY:__,_ _____ -r----------1 

PRINT NAME: RPtfltf;r. ARF-,'!.JK:,Pfdl, f2R J 

TITLE:. _________ _ 

WILLIAM TORRES-TORRES 

Date: ____ _ BY: __________ _ 

PRINT NAME:. _______ _ 

TITLE: _________ _ 

LUIS HERNANDEZ-SANTANA 

Date: ____ _ BY: __________ _ 

PRINT NAME: _______ _ 

TITLE: _________ _ 

RICARDO LEVY-ECHEANDfA 

Date:. ____ _ BY: __________ _ 

PRlNTNAME:. _______ _ 

mLE: _________ _ 

ANTONIO PA viA-Bmn.oNI 

Date: ____ _ BY: __________ _ 

PRINT NAME: _______ _ 

TITLE:. _________ _ 

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FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR EUROBANK 

Date: -----

RAFAEL ARRILLAGA-TORRENS, JR. 

Date: ___ _ _ 

WILLIAM TORRES-TORRES 

Date: ____ _ 

LUISHERNA.NDEZ-SANTANA 

Date: ·-----

RICARDO LEVY-ECHEANDiA 

Date: - - - - -

ANTONIO PA viA-BIBILONI 

Date:. ____ _ 

BY: __________ _ 

PRINT NAME: _______ _ 

TITLE: _________ _ 

BY: ________ _ _ _ 

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BY:_1 --

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PRINT NAME: _______ _ 

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FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR EUROBANK 

Date: BY: 

PRINTNAME: 

TITLE: 

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FEDERAL DEPOSIT INSURANCE CORPORATION AS RECEIVER FOR EUROBANK 

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RAFAEL ARRJLLAGA-TORRENS, JR. 

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WILLIAM TORRES-TORRES 

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LUIS HERNANDEZ.SANTANA 

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PEDRO FELICIANO-BENiTEZ 

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PEDRO FELICIANO-BENITEZ 

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THE PAVIA-VIDAL CONJUGAL PARTNERSHI 

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Page 29 

ROCIO GIL-G6MEZ DE LIANO 

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Page 30 

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ROCIO GIL-GOMEZ DE LIANO 

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(b)(6) 
Page 32 

IN THE UNITED STATES DISTRICT COURT 

FOR DISTRICT OF PUERTO RICO 

LIBERTY MUTUAL INSURANCE CO., 

Plaintiff, 

v. 

FEDERAL DEPOSIT INSURANCE 

CORPORATION AS RECEIVER FOR 

EUROBANK, et al., 

Defendants 

Young, D,J.1 

Case No. 17-1328 (WGY) 

-----~ 

AGREED ORDER 

2019 

This case is related to a director and officer liability suit brought by the Federal 

Deposit Insurance Corporation, as Receiver for Eurobank ("FDIC-R"), in an action 

pending before District Judge Pedro A. Delgado captioned Federal Deposit Insurance 

Corporation as Receiver for Eurobank v. Arrillaga, et al., Case Number 13-1328 (PAD)(the 

"D&O Litigation"). In that case, the FDIC-R sued several former directors and officers of 

the bank, who in turn sought coverage including under a policy issued by Liberty 

Mutual Insurance Company ("Liberty"). Liberty filed this interpleader and deposited 

the remaining balance of its policy to be used for defense costs and/or any damages 

awarded against the insureds. Since that time, this Court has authorized several 

payments from the interpleaded policy funds. 

1 Of the District of Massachusetts, sitting by designation. 

EXHIBIT "A" 
Page 33 

The parties have now settled the D&O Litigation and have executed the 

corresponding settlement agreement. The settlement contemplates that the interpleaded 

funds be used to fund in part the settlement payment due the FDIC. Accordingly, the 

parties jointly request an order directing that the remaining balance of the interpleaded 

funds up to the amount of $1,620,554.00 be paid to the order of the Federal Deposit 

Insurance Corporation, as Receiver for Eurobank. They further agree that any remaining 

funds over that sum be paid to Rivero Mestre LLP. 

The Court hereby GRANTS the parties' joint request (Dkt. _} and ORDERS the 

Clerk of Court to pay to the order of the Federal Deposit Insurance Corporation, as 

Receiver for Eurobank, the remaining balance of interpleaded funds available for 

distribution up to the amount of $1,620,554.00. The Clerk of Court is hereby authorized 

and directed to deliver the distribution check to the FDIC-R either by mailing it by first 

class mail or by hand-delivering it at the Clerk's office to the FDIC-R's attorney of 

record, Jairo A. Mellado-Villareal, MELLADO & MELLADO VILLAREAL, 165 Ponce de 

Leon Ave., Ste. 202, San Juan, PR 00917-1233. If the interpleaded funds exceed 

$1,620,554.00, the Clerk of Court shall pay the remaining funds over that sum by mailing 

it by first class mail or by hand-delivering it at the Clerk's office to the order of Rivero 

Mestre LLP, at 2525 Ponce de Leon Boulevard, Suite 1000, Miami, Florida 33134. 

SO ORDERED. 

By the Court, 

William G. Young 

United States District Judge 

2 
Page 34 

IN THE UNITED STATES DISTRICT COURT 

FOR THE DISTRICT OF PUERTO RICO 

FEDERAL DEPOSIT INSURANCE 

CORPORATION as Receiver for 

Eurobank, 

Plaintiff, 

v. 

RAFAEL ARRILLAGA-TORRENS, JR., 

et al., 

Defendants. 

Case No. 13-01328 

STIPULATION OF DISMISSAL WITH PREJUDICE 

Plaintiff Federal Deposit lnsurance Corporation, as Receiver for Eurobank, San Juan, 

Puerto Rico ("FDIC-R"), and Defendants Rafael Arrillaga-Torrens, Jr.; William Torres-Torres; 

Luis Hernandez-Santana; Ricardo Levy-Echeandfa; Antonio Pavfa-Bibiloni; Pedro FelicianoBenf tez; Jaan G6mez-Cuetara; the heirs of Placido Gonza1ez-C6rdoba, who are Marfa Eugenia 

Gonzalez Munoz, Guillermo Placido Gonzalez Gonzalez, and Alberto Luis Gonzalez Gonzalez; 

and Diana Lopez-Feliciano; Nora L6pez-Rodriguez and the Hernandez-Lopez conjugal 

partnership; Lourdes Arce-Rivera the Levy-Arce conjugal partnership; Judith Vidal-G6mez and 

the Pavia-Vidal conjugal partnership; and Rocio Gil-G6rnez de Liano and the Gomez-Gil 

conjugal partnership; Liberty Mutual Insurance Company ("Liberty"), ACE Insurance Company 

n/k/a Chubb Insurance Company of Puerto Rico ("ACE"), and XL Specialty Insurance 

Company ("XL") (collectively with FDIC-R, the "Parties"), by and through their respective 

undersigned attorneys, and pursuant to Fed. R. Civ. P. 4l(a)(I)(A)(ii), hereby stipulate to the 

{ 1193/00/01804065.DOCX /I} EXHIBIT "B" 
Page 35 

dismissal of this action with prejudice, with the Parties to each bear their own attorney's fees, 

costs, and expenses incurred in this action. 

Dated this_ day of ____ _ , 2019 

[signature blocks to be added] 

( l 193/00/01804065.DOCX /I) 
Page 36 

IN THE UNITED STATES DISTRICT COURT 

FOR DISTRICT OF PUERTO RICO 

Liberty Mutual Insurance Company, 

Plaintiff, 

V. 

Federal Deposit Insurance Corporation, as Receiver for 

Eurobank; Rafael Arrillaga-Torrens, Jr.; William 

Torres-Torres; Luis Hernandez-Santana, his spouse Nora 

Lopez-Rodriguez, and the Hernandez-Lopez Conjugal 

Partnership; Ricardo Levy-Echeandfa, his spouse 

Lourdes Arce-Rivera, and the Levy-Arce Conjugal 

Partnership; Antonio Pavia-Bibiloni, his spouse Judith 

Vidal-Gomez, and the Pavia-Vidal Conjugal 

Partnership; Pedro Feliciano-Benitez; Juan 

G6mez-Cuetara; Maria Eugenia Gonzalez-Mufi.oz, 

Guillermo Placido Gonzalez-Gonzalez, Alberto Luis 

Gonzalez-Gonzalez; Diana Lopez-Feliciano ; Rivero 

Mestre, LLC ; and Sanchez-Betances, Sifre & 

Munoz-Noya, P.S.C. 

Defendants. 

Case No. 17-1328 (WGY) 

RE: lnterpleader 

STIPULATION OF DISMISSAL WITH PREJUDICE 

TO THE HONORABLE COURT: 

COME NOW the parties, through their respective undersigned attorneys, and respectfully 

state and pray as follows: 

1. As informed in the Joint Motion for Disbursement of Funds filed at Docket # , the 

parties have executed a Settlement and Release Agreement documenting their agreement 

to fully settle and request the stipulated dismissal of this case, as well as the related 

professional liability suit captioned Federal Deposit Insurance Corporation as Receiver 

EXHIBIT "C" 
Page 37 

for Eurobank v. Arrillaga, et al., Case Number 13-1328 (PAD). 

2. As part of the aforementioned settlement, the parties jointly requested that payment of the 

remaining balance of interpleaded funds in this case up to the amount of $1,620,554.00 be 

made to the Federal Deposit Insurance Corporation as Receiver for Eurobank, with any 

remaining funds over that sum to be paid to Rivero Mestre LLP. The parties agreed that 

after such payment was effected, they would file a Joint Stipulation of Dismissal With 

Prejudice of this case. The Clerk of Court has now disbursed the remaining interpleaded 

funds as ordered by this Honorable Court. 

3. Consequently, the appearing parties, who together constitute aU the parties to have 

appeared in this action, pursuant to Fed.R.Civ.P. 41(a)(l)(A)(ii) hereby stipulate to the 

dismissal of this action with prejudice, and without the imposition of costs, interest, or 

attorney's fees. 

WHEREFORE, the parties respectfully pray that this Honorable Court enter judgment 

dismissing the Complaint with prejudice, and without imposition of costs, interest or attorney's 

fees. 

RESPECTFULLY SUBMITTED. 

In San Juan, Puerto Rico, on this __ day of _____ , 2019. 

ADSUAR MUNIZ GOYCO SEDA & 

PEREZ-OCHOA, P.S.C. 

P. 0 . Box 70294 

San Juan, Puerto Rico 00936-8294 

Tel.: (787) 281-1951 Fax: (787) 756-9010 (b)(G) 

s/ MARIBL Y. HAACK PIZARRO 

USDC-PR No. 22160 I _____-
Page 38