Puerto Rico

News & Analysis as of

Supreme Court Strikes Down Puerto Rico’s Local Restructuring Law

In a 5-2 decision, the Supreme Court of the United States in Commonwealth of Puerto Rico et al. v. Franklin California Tax-Free Trust et al., 579 U.S. ___ (2016), rejected the Puerto Rico Public Corporation Debt Enforcement...more

The Supreme Court - June 2016 #3

The Supreme Court of the United States issued decisions in three cases on June 13, 2016: - Puerto Rico v. Franklin Cal. Tax-Free Trust, No. 15-233: Under the Federal Bankruptcy Code, state bankruptcy laws that enable...more

Supreme Court Decides Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust

On June 13, 2016, the Supreme Court of the United States decided Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, No. 15-233, holding that Chapter 9 of the federal bankruptcy code preempts Puerto Rico’s...more

The Supreme Court - June 2016 #2

The Supreme Court of the United States issued decisions in three cases on June 9, 2016: - Dietz v. Bouldin, No. 15-458: An automobile accident case went to a jury trial in federal district court. Respondent Hillary...more

Three Strikes and Recovery Act is Out

Today’s U.S. Supreme Court decision in Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust puts an end to one of Puerto Rico’s multi-pronged efforts to deleverage itself. Given the comprehensiveness of the...more

La Oficina del Distrito de Miami de la EEOC y la Oficina de la Procuradora de las Mujeres Firman un Acuerdo Historico de...

Pacto Establece Una Relación de Colaboración en Curso Entre las Dos Entidades - SAN JUAN, P.R. -- La Oficina del Distrito de Miami de la Comisión Para la Igualdad de Oportunidades en el Empleo de los EE.UU. (EEOC) entró...more

EEOC’S Miami District and Women’s Advocate of Puerto Rico Sign Historic Partnership Agreement

Pact Establishes Ongoing Collaborative Relationship Between the Two Entities - SAN JUAN, P.R. -- The Miami District Office of the U.S. Equal Employment Opportunity Commission (EEOC) entered into a memorandum of...more

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

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