The Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico on Friday launched an informal resolution process that does not require onerous litigation to resolve its recent vendor actions, it announced. The resolution process is designed to resolve the majority, if not all of the vendor claims out of court and […]
The Financial Oversight and Management Board for Puerto Rico announced it has referred to the local and federal Justice Departments three government entities and 11 municipalities that allegedly failed to transfer some $4.5 million in withholdings for defined contribution plans into individual employees’ retirement accounts. “One of the Oversight Board’s highest priorities is to maintain […]
U.S. Senators Bob Menendez (D-N.J.), Marco Rubio (R-Fla.), Richard Blumenthal (D-Conn.) and John Kennedy (R-La.) introduced the Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA, for short.) The bipartisan legislation would provide robust disclosure requirements to all of the Financial Oversight and Management Board for Puerto Rico’s advisers and consultants, closing a loophole […]
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