Op-Ed: Banks’ ‘recklessness’ cost insurers $720M
August 21, 2019
Puerto Rico bond insurers this month filed suit against eight well-known investment banks (UBS, Citi, Goldman Sachs, J.P. Morgan Securities, Morgan Stanley, Merrill Lynch, RBC and Santander) for failing to perform proper diligence on Commonwealth bonds worth approximately $11 billion. The train of neglect ran from 2001 to 2015 and included revenue and expenditure falsification […]
chat_bubble0 Comment
visibility1990 Views
National, MBIA Insurance sue Wall Street banks for role in P.R.’s fiscal crisis
August 8, 2019
National Public Finance Guarantee Corporation and MBIA Insurance Corporation filed suit in the San Juan Superior Court against eight Wall Street banks to hold them accountable for “inequitable conduct in Puerto Rico’s municipal bond market that contributed to Puerto Rico’s economic collapse.” Plaintiffs are bond insurers that have been presented with more than $1 billion […]
chat_bubble0 Comment
visibility1573 Views
Oversight Board sues Rosselló administration over Law 29
July 4, 2019
The Financial Oversight and Management Board for Puerto Rico has filed a lawsuit against the Gov. Ricardo Rosselló, and the Puerto Rico Fiscal Agency and Financial Advisory Authority in the U.S. District Court for Puerto Rico to prevent the government from enforcing Law 29 and to compel it to comply with the Puerto Rico Oversight, […]
chat_bubble0 Comment
visibility1558 Views
CAMBIO, IEEFA sue to get PREPA to release public documents and data
May 17, 2019
The Institute for Energy Economics and Financial Analysis and CAMBIO, a Puerto Rico-based environmental nonprofit organization, filed a mandamus action in San Juan Superior Court to obtain information about the Puerto Rico Electric Power Authority’s system and ongoing privatization process. “Very little information has been provided about the underlying studies or plans related to the […]
chat_bubble0 Comment
visibility1155 Views
CPI heads group that sues U.S. Treasury for info on Oversight Board members
May 16, 2019
A lawsuit was filed in the New York District Court to demand information about the files related to the process of appointing the members of the Oversight Board, specifically the documents related to ethical conflicts and the financial disclosures that were required, the Center for Investigative Journalism (CPI) announced. The lawsuit — which also seeks […]
chat_bubble0 Comment
visibility1617 Views
Special Police Force Corp. owner liable for nearly $325K in labor violations
May 16, 2019
The U.S. District Court for the District of Puerto Rico has found Special Police Force Corp. — a security company based in Bayamon — and its owner Héctor Rivera-Ortiz liable for violations of the minimum wage, overtime, and recordkeeping requirements of the Fair Labor Standards Act (FLSA). Following a four-day trial, the court ordered Rivera […]
chat_bubble0 Comment
visibility1881 Views
Oversight Board sues 20+ banks, other parties to recover $1B in excess payments
May 3, 2019
The Financial Oversight and Management Board for Puerto Rico filed complaints to recover more than $1 billion from holders of bonds issued in excess of Puerto Rico’s constitutional debt limit, and from firms and advisors that helped with the issuance of those bonds. The Oversight Board filed a claim against more than 20 banks, law […]
chat_bubble0 Comment
visibility1052 Views
Scotiabank sues Metropolitan Bus Authority for $32M loan default; seeks embargo of buses
March 21, 2019
The Bank of Nova Scotia, parent company of Scotiabank de Puerto Rico, has sued the government’s Metropolitan Bus Authority for defaulting on some $32 million in a revolving credit and term loan agreement. Furthermore, the bank has asked the San Juan Superior Court to issue an order for a “provisional embargo and prohibition of alienation […]
chat_bubble0 Comment
visibility1902 Views
U.S. district judge certifies class of P.R. residents suing PREPA for fuel overcharges
October 3, 2018
In the original lawsuit filed Feb. 24, 2015, the plaintiffs sought compensation for their estimated $1 billion losses in electricity overcharges.
chat_bubble2 Comments
visibility2675 Views
Groups sue FEMA for leaving public ‘in the dark’ on María recovery efforts
August 1, 2018
Democracy Forward Foundation filed a lawsuit on Tuesday against the Federal Emergency Management Agency (FEMA) for failing to release records detailing information about its response to the disaster on behalf of the Center for Investigative Journalism and LatinoJustice.
chat_bubble0 Comment
visibility1598 Views
Assured Guaranty sues over constitutionality of OBoard members
July 24, 2018
Two bond insurance subsidiaries of Assured Guaranty Ltd. have filed an adversary complaint challenging the constitutionality of appointments to the Financial Oversight and Management Board for Puerto Rico.
chat_bubble0 Comment
visibility1575 Views
P.R. credit unions file ‘adversary proceeding’ in P.R. bankruptcy case
March 23, 2018
A group of Puerto Rico credit unions filed an "adversary proceeding" before Judge Laura Taylor Swain, who presides over Puerto Rico's Title III bankruptcy proceedings.
chat_bubble0 Comment
visibility2240 Views
Journalists sue Demographic Registry for hiding public information related to Hurricane María-related deaths
February 8, 2018
The Center for Investigative Journalism (CPI, as it is known in Spanish) on Wednesday filed a lawsuit against the director of the Puerto Rico Demographic Registry, Wanda Llovet-Díaz, after multiple attempts to get the agency she heads to offer information about the deaths that occurred on the island after Hurricane María.
chat_bubble0 Comment
visibility1310 Views
FL couple seeks $50M in damages from St. Regis for ‘spying’ on them
November 14, 2017
A Florida couple has filed a class action lawsuit against the St. Regis Bahía Beach Resort in Puerto Rico, arising from claims that the resort's employees secretly spied on and videotaped the couple, and other guests, in their private luxury suites. It is asking for $50 million in damages.
chat_bubble1 Comment
visibility2113 Views
Private sector takes fight against Caguas tax to court
July 13, 2017
Faced with a recent 70 percent hike in municipal taxes payable to Caguas, a group of companies representing a broad sample of businesses — restaurants, supermarkets, cash & carries, retail store chains, and telecommunications carriers — filed a lawsuit against the town to challenge the levy.
chat_bubble0 Comment
visibility1955 Views
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA