A Puerto Rico appeals court on Wednesday voided a multimillion-dollar deal between the U.S. territory and one of the island's biggest banks.
The court ruled the local government does not owe Doral Bank $229 million in overpaid taxes. Puerto Rico's government had announced last May that it was nullifying the 2012 agreement in part because the statute of limitations had run out.
Doral issued a statement saying it would appeal the court's ruling.
Both the bank and the government have been struggling financially.
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