1st Circ. Rejects Call For Puerto Rico Pension Trustee

Law360 (April 22, 2020, 7:35 PM EDT) -- The First Circuit has ruled a lower court didn’t err when it denied a request to appoint a trustee to claw back $3 billion in transfers out of Puerto Rico’s pension fund, saying the judge was justified in taking a “holistic” approach to the decision.

In an opinion dated March 19 and posted online Wednesday, the panel denied an appeal by bondholders seeking to unwind the 2017 transactions, saying U.S. District Judge Laura Taylor Swain was free to take more than the size of the transactions and the strength of the clawback claims into consideration when she declined to appoint a...

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