BOUDIN, Circuit Judge.
Next Step Medical Co. ("Next Step") distributes certain medical devices supplied by Johnson & Johnson Medical Caribbean—an unincorporated division of Johnson & Johnson International ("JJI")—for the treatment of spinal disorders. Next Step's right to serve as JJI's exclusive distributor in Puerto Rico was terminated by JJI, and this litigation followed. The facts can be briefly stated; the procedural history is more complicated...
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