Supreme Court Lets Puerto Rican Pension Fund Claims Stand

Law360 (October 7, 2019, 7:01 PM EDT) -- The U.S. Supreme Court on Monday let stand a First Circuit ruling that holders of Puerto Rican public pension fund bonds have valid liens on employer contributions despite translation inconsistencies in financing documents.

The high court denied certiorari to an appeal by the Financial Oversight and Management Board for Puerto Rico — the body overseeing the island’s restructuring process — declining to hear the board’s argument that the failure of the English versions of the documents to use a single name for the retirement system meant bondholders did not have a claim on the pension funds.

The Employees Retirement System, a...

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