High Court Won't Review Puerto Rico Pension Bond Suit

Law360 (November 16, 2020, 9:08 PM EST) -- The U.S. Supreme Court held Monday that it won't consider whether Puerto Rico betrayed bondholders for its public employee retirement fund by passing a law cutting off future contributions to the fund.

In rejecting the bondholders' petition for review, the justices kept intact the First Circuit's January ruling that the bondholders' entitlement to future contributions "constituted merely an expectancy and not a property 'right.'"

In their petition, filed in July, the bondholders argued that the First Circuit split from four other circuits by ruling that Section 552(b)(1) of the Bankruptcy Code only allows creditors to collect debtors' "future proceeds" "when those...

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