Cooperativa de Ahorro y Credito Abraham Rosa v. Financial Oversight & Management Bd. for Puerto Rico, No. 22-1048 (1st Cir. 2022)
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The First Circuit affirmed the judgment of the district court dismissing the claims brought by six Credit Unions against the Commonwealth of Puerto Rico and several of its agencies and instrumentalities, holding that the district court properly dismissed the claims.
In this adversary proceeding brought as part of broader proceedings underway to restructure the Commonwealth's debts under Title III of the Puerto Rico Oversight, Management, and Stability Act, the Credit Unions argued that Defendants induced and forced them to invest in worthless government-issued securities and that Defendants failed to disclosure their knowledge that these would be losing investments. The district court dismissed the claims. The First Circuit affirmed, holding that the Credit Unions' claims were properly dismissed.
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