UBS Financial Services Inc. v. Estate of Pedro Jose Nazario Serrano, et al
Case Number:
23-1216
Court:
Nature of Suit:
Companies
Sectors & Industries:
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May 22, 2024
1st Circ. Affirms UBS Win In Puerto Rico Pension Fight
The First Circuit said public pensioners in Puerto Rico can't advance their claims that UBS Financial Services illegally underwrote $3 billion in bonds, ruling that the island's financial restructuring plan transferred the right to those claims to a special committee.
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November 20, 2023
Puerto Rico Deal Should Nix Pension Suits, 1st Circ. Told
UBS Financial Services told the First Circuit on Monday that public pensioners in Puerto Rico can't press derivative claims that the bank illegally underwrote $3 billion in bonds because the island's restructuring deal transferred the rights to those claims to a committee for the benefit of other creditors.