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In the or about Summer 2007, Westernbank declared the mortgage inside default and in the end sustained losings surpassing $100 million to the Inyx fund. According to trial evidence, these types of losses after triggered some situations ultimately causing Westernbank’s insolvency and you can ultimate failure. During its collapse, Westernbank had as much as 1,five hundred personnel and you will is actually one of the greatest banking institutions in the Puerto Rico.