As Puerto Rico’s dire economic health continues its downward spiral, a proposed class action complaint was filed against Ambac Financial Group, Inc. (“Ambac”), and four individual company officials – including the current and former chief executive officer, the current chief financial officer, and the chairman of the board – in New York federal court on

On November 23, 2015, the United States District Court for the Southern District of New York issued an order freezing up to $500,000,000 of assets belonging to A-Power Energy Generations Systems, Ltd., a Chinese wind turbine manufacturer. The order preserves GE Transportation’s ability to collect on a $360,000,000 Hong Kong arbitration award issued in August

The U.S. Supreme Court agreed on Friday to consider Puerto Rico’s appeal regarding the Puerto Rico Public Corporation Debt Enforcement & Recovery Act (the “Recovery Act”), which was passed by its legislature last June and would allow Puerto Rico’s public utilities to restructure $20 billion in debt. Puerto Rico’s appeal asks the Court to reverse

In another follow-on effect of Puerto Rico’s debt situation, on September 29, UBS’s Puerto Rico affiliate settled claims by the SEC and FINRA that a former UBS Puerto Rico representative engaged in a fraudulent scheme involving UBS closed-end mutual funds that invested in Puerto Rican debt. As the value of Puerto Rican debt declined, investors