Puerto Rico

News & Analysis as of

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

Que Certa, Certa: Supreme Court Creates Uncertainty with “Cert” Review of Puerto Rico Recovery Act

It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...more

Orrick's Financial Industry Week in Review

ESMA Q& A on Application of the AIFMD - On December 2, 2015 the European Securities and Markets Authority (ESMA) published an updated Question and Answer document in relation to the Alternative Investment Fund Managers...more

Update on Puerto Rico

Supreme Court to Determine Constitutionality of DERA By order dated December 4, 2015, the US Supreme Court has agreed to consider the appeal by the Commonwealth and the Government Development Bank regarding the...more

First Circuit Withdraws Earlier Opinion in Location-Based Discrimination Case; Issues Less Expansive Amended Opinion

In August, we wrote about the First Circuit Court of Appeals’ decision in Abril-Rivera v. Johnson, which affirmed a lower court ruling dismissing location-based discrimination and retaliation claims against FEMA. Last week,...more

Your daily dose of financial news The Brief – 11.30.15

Another Black Friday has come and gone (and hey, welcome to Cyber Monday and a big financial week ahead), but the truth is that it’s not quite what it used to be—both for brick-and-mortar retailers and for those using it to...more

Your daily dose of financial news The Brief – 11.23.15

Clocking in at an as-promised $150 billion, the Pfizer/Allergan merger is a done deal, marking one of the biggest ever takeovers in the health care industry. As mentioned here last week, the deal finalization comes on the...more

Orrick's Financial Industry Week in Review

Federal Reserve, OCC, FCA, FHFA and FDIC Adopt Joint Final Rule on Swap Margin Requirements - On October 22, the Office of the Comptroller of the Currency (the "OCC"), the Federal Reserve Board (the "Board"), the Farm...more

Legislation Introduced to Extend Earned Income Tax Credit to Commonwealth Residents

Following up on one of the Administration’s legislative proposals to address Puerto Rico’s fiscal crisis, on October 22, 2015, Senator Robert Menendez introduced a bill “The Earned Income Tax Credit and Child Tax Credit...more

Orrick's Financial Industry Week in Review

Barclays and Wachovia Settle with NCUA - On October 19, 2015, Barclays PLC and Wachovia Capital Markets LLC agreed to pay $325 million and $53 million, respectively, to settle claims brought by the National Credit Union...more

Obama Administration’s Legislative Proposal to Address Puerto Rico’s Fiscal Crisis

On October 21, 2015, U.S. Treasury Secretary Jacob J. Lew, National Economic Council Director Jeff Zients, and Health and Human Services Secretary Sylvia Mathews Burwell unveiled a legislative proposal, a copy of which is...more

Financial Services Weekly News - October 2015 #3

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

Supreme Court of Puerto Rico Reaffirms that Violence in the Workplace Justifies First Offense Termination

In a unanimous decision, the Supreme Court of Puerto Rico recently reaffirmed its previous position that an act of aggression by an employee towards a coworker is sufficient to establish just cause for termination under...more

Chicken Sandwich Recipe, Name Not Eligible for Copyright Says First Circuit - Colón-Lorenzana v. South American Rest. Corp.

Neither a chicken sandwich recipe nor its name is eligible for copyright protection. Colón-Lorenzana v. South American Rest. Corp., Case No. 14-1698 (1st Cir., Aug. 21, 2015) (Howard, C.J.)....more

UBS Puerto Rico, Others Tied to SEC Fraud Action

When the bond market collapsed in Puerto Rico many clients at UBS Financial Services Incorporated of Puerto Rico had significant losses. Many had purchased shares of UBS PR closed-end funds or CEFs. UBSPR had been selling...more

Can Alphabet Soup Fix Puerto Rico’s Debt Service Issues?

Last week, the Working Group for the Fiscal and Economic Recovery of Puerto Rico gave the broadest hint yet of the next tactic in Puerto Rico’s ongoing quest to deleverage itself. Although the details have not yet been...more

Medicare Telehealth Services in Puerto Rico

As U.S. health care providers continue to use telehealth, telemedicine, and virtual care services to expand their services and geographic footprint overseas, they are beginning to ask whether or not Medicare will cover...more

First Circuit Says Plaintiffs Cannot Prevail on Location-Based Discrimination Claims Based on a Disparate Impact Theory

Recently, the First Circuit Court of Appeals held that former employees of a FEMA call center could not proceed in their Title VII location-based disparate impact and retaliation claims against the agency. The case,...more

What’s the Alternative?

FEMA Employees sued when FEMA closed its Puerto Rico-based call center. The call center was originally a “temporary” center set up to address calls from Spanish-speaking victims of a hurricane. The leased facility was...more

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