Case Under Seal

Filing 920091001

Opinion

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var WPFootnote1 = ' Of the Seventh Circuit, sitting by designation.\
'

var WPFootnote2 = ' We use the term "post-settlement" in lieu of the more\
familiar term "post-judgment" because the district court approved\
the final settlement agreement before the putative intervenor moved\
for leave to intervene, but did not enter judgment on the docket\
until several days later. Inasmuch as the parties have attached no\
significance to this chronological curiosity, we make no further\
mention of it.\
'

var WPFootnote3 = ' Although both R&G Mortgage Corp. and R-G Premier Bank of\
Puerto Rico are plaintiffs, we refer to them collectively as R&G.\
'

var WPFootnote4 = ' All dates are in 2008 unless otherwise indicated.\
'

var WPFootnote5 = ' Even if we were to assume that August 11, rather than July\
18, was the date on which Doral\'s knowledge crystallized, that\
assumption would not assist Doral. The district court explicitly\
and supportably found that, if August 11 was the date on which\
Doral acquired knowledge of a measurable risk, it nonetheless\
failed to act in a timeous fashion. \
'

var WPFootnote6 = ' The district court apparently recognized this fact. Its\
order denying intervention stated that Doral should not be allowed\
to intervene at "a crucial and decisive stage" following the\
"months of time and effort" leading to the settlement.\
'

var WPFootnote7 = ' The record contains evidence that, in late 2008, R&G\
completed the sale of its servicing rights to a third party.\
'

var WPFootnote8 = ' We note that this avenue still remains open to Doral. The\
district court expressly provided in its order that it was "not\
preclud[ing] the parties and Doral from making any disclosure\
agreements through good faith out-of-court negotiations." Freddie\
Mac has offered to reveal the contents of the TRO and the\
settlement agreement pursuant to a confidentiality agreement\
(already negotiated between Doral and Freddie Mac), and Doral has\
never requested any other documents from Freddie Mac.\
'

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