News & Analysis as of

Puerto Rico

La Salsa Nunca Se Acaba (Salsa Never Ends)

by Gerald Nowotny on

Act 20 and Act 22 in the Aftermath of Hurricane Maria – The Contrarian’s Nirvana - Overview - By now every American is aware of the hurricane devastation in Puerto Rico. The PR’s 9/11 occurred on September 20, 2017....more

California Court Of Appeal Holds That Disclosure Of Confidential Information Protected By Anti-SLAPP Statute

by Seyfarth Shaw LLP on

A recent California Court of Appeal decision held that the receipt, retention and dissemination of confidential information by a whistleblower’s attorney is protected by the state’s anti-SLAPP statute. MMM Holdings, Inc. v....more

Private equity and hedge funds in Puerto Rico – a welcoming environment in the Caribbean

by DLA Piper on

Ten years ago, private equity funds and hedge funds were practically nonexistent in Puerto Rico. This has changed dramatically as the result of two main developments: the enactment of Act 185-2014, known as the Private Equity...more

Puerto Rico's Dealers Act: what every principal should know before selling products or services in Puerto Rico

by DLA Piper on

Puerto Rico's Act 75 of June 24, 1964 was enacted to protect Puerto Rican distributors or dealers from arbitrary terminations to a distribution agreement. It essentially provides that, regardless of any contractual provision...more

Employment Law Reform in Puerto Rico: Take Two

by Littler on

Last month, we reported that the Governor of Puerto Rico announced his “Initiative to Reform the Labor Force,” which would have created significant employment law changes to increase the employment participation rate on the...more

Back to Back Cats

by Zelle LLP on

In the last week, there have been several news stories about the recent island-wide power outage in Puerto Rico, the tenuous condition of Puerto Rico’s power grid, and the fact that hurricane season is right around the...more

Maria, Where Are The Claims?

by Zelle LLP on

In the six months since Hurricane Maria devastated Puerto Rico, much progress has been made. Water service has been restored to 99% of the island and electricity to 93%. Of the total losses in the Caribbean from Maria,...more

Puerto Rico Governor Announces Proposed Plan to Revamp the Labor Force

by Littler on

On March 21, 2018, the Governor of Puerto Rico announced his “Initiative to Reform the Labor Force,” with the express goal of increasing the employment rate. ...more

FHA Extends Foreclosure Moratorium for Hurricane Maria Victims in Puerto Rico and U.S. Virgin Islands

by Weiner Brodsky Kider PC on

On March 1, 2018, FHA announced that it is extending its 180-day foreclosure moratorium for FHA-insured homeowners in Puerto Rico and the U.S. Virgin Islands for an additional 60-days due to the extensive damage caused by...more

Orrick's Financial Industry Week In Review

SEC Statement on Potentially Unlawful Online Platforms for Trading Digital Assets - On March 7, 2018, the Divisions of Enforcement and Trading and Markets of the Securities and Exchange Commission released a "Statement on...more

Puerto Rico Supreme Court Sets Standard to Apply the Successor Liability Doctrine

by Littler on

The Puerto Rico Supreme Court (“PRSC”) recently issued an Opinion in the case of Roldán Flores v. M. Cuebas, 2018 TSPR 18, 199 D.P.R. __ (Feb. 6, 2018), in which it addressed again the requirements for applying the “successor...more

Cert Petition Asks How Far Does the Noerr-Pennington Doctrine Extend?

On February 28, 2018, the Puerto Rico Telephone Company, Inc. (PRTC) filed a petition for a writ of certiorari after its antitrust claims against San Juan Cable LLC (OneLink) were dismissed by the First Circuit Court of...more

Chris Lazarini Analyzes "Common and Usual Meaning" Interpretation of Insurance Contracts

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a case in which UBS Puerto Rico sought to overcome its insurance carriers' refusal to defend and provide coverage for two civil actions, settlements with the SEC and FINRA...more

Drones Helping to Restore Power in Puerto Rico

In the mountains near Ponce, Puerto Rico, after Hurricane Maria tore through, the terrain made it difficult to repair power lines that stretched from peak to peak. For over four months, the entire area was in the dark and so...more

Data Privacy + Cybersecurity Insider - March 2018

by Robinson & Cole LLP on

According to bloggers on techtarget.com, security risks around the internet of things (IoT) continue to be problematic, and a new free guide, “The Developer’s Guide to IoT” has been published specifically for IoT device...more

Tax Reform's New Incentives for Investments in Low-Income Communities: Part 3 - Key Benefits for Investing Taxpayers and a Review...

by Holland & Knight LLP on

• Part 1 and Part 2 of this series of Holland & Knight alerts described a new tax incentive contained in the Tax Cuts and Jobs Act for investments in low-income communities designated as "Opportunity Zones." • In Part 3,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Analysis of the Fed’s January meeting minutes shows Fed officials suggesting that robust economic growth has created the right conditions for higher interest rates....more

A Possible Formula for Puerto Rico's Hurricane Recovery: Distributed Renewable Energy

by Sullivan & Worcester on

In October 2017, Hurricane Maria swept through the Commonwealth of Puerto Rico decimating the island, taking hundreds of lives and demolishing infrastructure on an enormous scale. In the hurricane’s immediate aftermath,...more

Recovering Administrative Claims in Chapter 9 Bankruptcy and Title III of PROMESA

Municipal bankruptcies under Chapter 9 of the Bankruptcy Code, 11 U.S.C. §§ 901-946 (Chapter 9), are rare. These cases are often filed to adjust bonded indebtedness and pension obligations. Congressional authorization for...more

FDIC, Federal Reserve Board, and OCC Issue Interagency Statement on CRA Consideration for the U.S. Virgin Islands and Puerto Rico...

by Weiner Brodsky Kider PC on

The interagency statement recently issued by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors (FRB), and the Office of the Comptroller of the Currency (OCC) addresses the availability of...more

Additional Rum Cover Over for Puerto Rico and the US Virgin Islands Approved in 2018 Budget Legislation

by McDermott Will & Emery on

On February 9, 2018, both houses of Congress approved the “Bipartisan Budget Act of 2018,” complex legislation that includes important modifications to an arcane law known as the “rum cover over,” which is an important...more

The Eerie Similarities Between The Gulf Spill In 2010 And Hurricane Maria In Puerto Rico 7 Years Later: How the Facts About the...

by K&L Gates LLP on

The massive public attention focused on the Jones Act in Puerto Rico immediately after Hurricane Maria was eerily analogous to the public spotlight on the law during the Deepwater Horizon oil spill (the “Gulf Spill”) in the...more

Puerto Rico Bars Use Of Legitimate Absences In Performance Review, Adds Catastrophic Illness Leave

by Jackson Lewis P.C. on

Just one year after substantial changes to Puerto Rico employment laws became effective, the Governor has enacted two new sick leave laws. One shields employees from adverse consequences from sick leave use. The other creates...more

New Act in Puerto Rico Establishes a Special Paid Leave for Employees Suffering from Catastrophic Illnesses

by Littler on

The Governor of Puerto Rico recently signed into law Act No. 28 (“Act 28”), entitling all employees, including temporary employees, to take up to six days of paid leave per year if they suffer from a “catastrophic illness.”...more

New Act Prohibits Employers in Puerto Rico from Using Absences to Measure Employee Efficiency and Performance

by Littler on

On Saturday, January 27, 2018, the Governor of Puerto Rico signed into law Act No. 60, establishing greater protections for non-exempt private sector employees by prohibiting employers from using sick leave to measure...more

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