Puerto Rico

News & Analysis as of

Revised Puerto Rico Bill (PROMESA) Introduced: Reflects an Agreement between House Speaker Paul Ryan and the White House (HR 5278)...

Puerto Rico is in crisis, faced with more than US$100 billion in debts of governmental and related entities. On May 19, 2016, with the support of House Natural Resources Committee Chairman Rob Bishop (R-UT), House Speaker...more

Will the DOL’s Final Rule Amending Overtime Regulations for ‘White Collar’ Workers Apply to Puerto Rico?

On the same day the U.S. Department of Labor released its Final Rule updating regulations under the Fair Labor Standards Act (“FLSA”) governing overtime exemptions for executive, administrative, and professional employees...more

Your daily dose of financial news The Brief – 5.20.16

Manhattan USA Preet Bharara’s back in front of the cameras and back on the insider-trading horse with the announcement yesterday of criminal charges against well-known sports bettor Billy Walters and former investment banker...more

Application of New DOL Overtime Rule to Puerto Rico

On May 18, 2016, the U.S. Department of Labor, Wage and Hour Division, announced the final changes to the regulations that govern the “white collar” overtime exemptions to the Fair Labor Standards Act (“FLSA”). It remains to...more

Your daily dose of financial news The Brief – 5.11.16

The fallout from Lending Club’s surprise news about Renaud Laplanche’s departure continues, with Goldman Sachs and Jeffries LLC hitting the pause on planned LC bond sales – WSJ... A Treasury Department white paper...more

Your daily dose of financial news The Brief – 5.10.16

Big news out of the online lending space, as Lending Club’s chair and CEO—Renaud Laplanche—has resigned after an internal review “showed a violation of the company’s business practices” related to sales of $22 million in...more

Your daily dose of financial news The Brief – 5.2.16

Nearly a year-and-a-half after announcing their plans to join forces, Halliburton and Baker Hughes have reportedly called off their $35 billion merger. Serious DOJ reservations about the deal and a wildly changed energy...more

SEC IM Staff Issues Guidance Update on Disclosure Related to Current Market Conditions

The staff of the U.S. Securities and Exchange Commission Division of Investment Management (Staff) has issued an IM Guidance Update on fund disclosure regarding risks related to current market conditions (Guidance Update)....more

Supreme Court Considers Preemption of Puerto Rico's Recovery Act

On Tuesday, March 22, 2016, the Supreme Court heard oral arguments in Puerto Rico v. Franklin California Tax-Free Trust and Acosta-Febo v. Franklin California Tax-Free Trust, which address the constitutionality of Puerto...more

You Can Lead a Horse to Water, But You Can’t Call it an Airplane: Supreme Court Oral Arguments Suggest Puerto Rico’s Recovery Act...

A few thoughts on Tuesday’s oral arguments before the U.S. Supreme Court in the litigation over whether Puerto Rico’s Public Corporations Debt Enforcement and Recovery Act, an insolvency statute for certain of its government...more

Puerto Rico Qualified Retirement Plans: Treasury Eliminates Form 480.70(OE) Filing Requirement for Plan Years Beginning on January...

On March 11, 2016, the Puerto Rico Department of the Treasury (“PR Treasury”) issued Administrative Determination No. 16-05 (“AD 16-05”), eliminating the requirement to file PR Treasury Form 480.70(OE) for retirement plans...more

The High Costs of Violating Puerto Rico’s Breastfeeding in the Workplace Law: Supreme Court Decides Right to Privacy Claim

Protections for breastfeeding employees in Puerto Rico just became even stronger. A recent ruling from Puerto Rico’s highest court in Siaca v. Bahía Beach Resort & Golf Club, LLC, held that failing to provide a safe, private,...more

Update on the U.S. Supreme Court’s Inclusive Communities Decision

As previously reported on this blog, the U.S. Supreme Court’s decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., 135 S. Ct. 2507 (2015) adopted a burden-shifting approach to...more

AT&T Debe Pagar $250.000 y Ademas Reinstalar a un Empleado Para Transar Demanda de Discrimen por Discapacidad

Gigante de las telecomunicaciones removio a un empleado técnico con una discapacidad visual de sus labores, haciendo caso omiso de la petición de acomodo razonable, reclamo la agencia federal. SAN JUAN, Puerto Rico -...more

AT&T to Pay $250,000 and Reinstate Employee to Settle EEOC Disability Discrimination Lawsuit

Telecom Giant Removed Visually Impaired Technician From His Job, Ignoring His Accommodation Request, Federal Agency Charged - SAN JUAN, Puerto Rico - AT&T, a multi-national telecommunications company, will pay $250,000,...more

Draft Treasury Legislation Would Give Puerto Rico Access to “Super Chapter 9” and Chapter 9 Bankruptcy

A draft of the U.S. Treasury’s proposed debt restructuring legislation began circulating earlier today. The draft legislation would give Puerto Rico, as well as other U.S. territories, and their municipalities access to U.S....more

Distressed Download

The Distressed Download Newsletter is a roundup of recent news from Orrick's Distressed Download blog, a resource for the latest news and industry trends in the distressed debt and restructuring markets. European...more

Inbound and Outbound U.S. Tax Planning for Bona Fide Residents of Puerto Rico

Since Puerto Rico enacted the “Individual Investors Act” (Act 22) and the “Export Services Act” (Act 20) in 2012, much press has been devoted to the number of high-net worth U.S. taxpayers (including citizens and green card...more

Puerto Rico Supreme Court: Failure to Provide Safe, Private and Hygienic Area for Breastfeeding in the Workplace May Violate...

On January 25, 2016, the Supreme Court of Puerto Rico held that employers in Puerto Rico should provide a safe, private, and hygienic place for working nursing mothers to extract breast milk during the nursing period as...more

Puerto Rico's Qualifying Employees May Use Paid Sick Leave to Care for Others

Effective December 31, 2015, all employers in Puerto Rico with at least 16 employees must allow eligible employees to use up to 5 paid sick leave days to care for an ill spouse, parent, or child. Eligible employees are those...more

Your daily dose of financial news The Brief – 1.19.16

We’ve got a name for the fun that bigwigs in Davos will be discussing at this year’s World Economic Forum: the “crisis economy,” where all of the challenges facing world leaders seems inextricably linked to market performance...more

Orrick's Financial Industry Week in Review

The PRA Publishes Guidance on Financial Conglomerate Waivers - On January 4, the Prudential Regulation Authority ("PRA") published guidance on the application and supplementary forms that should be submitted by firms...more

Supreme Court to Decide Extent of Puerto Rico’s Sovereign Powers

On Wednesday, January 13, 2016, the U.S. Supreme Court will hear arguments in the appeal styled under the caption Commonwealth of Puerto Rico v. Sanchez Valle, No. 15-108. In this case, the Supreme Court is asked to determine...more

Puerto Rico Governor Signs Law Allowing Employees to Use Accrued Paid Sick Leave to Care for Qualified Family Members

Governor Alejandro García Padilla recently signed Law No. 251 (House Bill 695), a measure that provides caregiver leave under Puerto Rico law. This law, which is effective immediately, amends the Puerto Rico Minimum Wage,...more

Supreme Court of Puerto Rico Adopts the “Sham Affidavit by Contradiction Doctrine” and Reaffirms that Bona Fide Reorganizations of...

In what has been a string of recent favorable decisions for employers, the Supreme Court of Puerto Rico recently issued another opinion, this time elaborating on the evidentiary standard for wrongful termination claims under...more

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