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IN RE FINANCIAL OVERSIGHT AND MANAGEMENT BD.

No. 18-1463.

939 F.3d 340 (2019)

IN RE: the FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as Representative of the Commonwealth of Puerto Rico; the Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Sales Tax Financing Corporation, a/k/a Cofina, Depository Trust Company; the Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Highways and Transportation Authority; the Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Electric Power Authority (PREPA), Debtors. Samuel Gracia-Gracia, individually and as representative of the certified class; Jorge Plard, individually and as representative of the certified class, Movants, Appellants, v. Financial Oversight and Management Board, as representative of the Commonwealth of Puerto Rico, Debtor, Appellee, Puerto Rico Sales Tax Financing Corporation, a/k/a Cofina; Puerto Rico Highways and Transportation Authority; Puerto Rico Electric Power Authority (PREPA), Debtors.

United States Court of Appeals, First Circuit.

September 25, 2019.

Attorney(s) appearing for the Case

Antonio J. Amadeo Murga for appellants.

Ehud Barak , New York, NY, with whom Timothy W. Mungovan , John E. Roberts , Boston, MA, Martin J. Bienenstock , Stephen L. Ratner , Mark D. Harris , Jeffrey W. Levitan , New York, NY, and Proskauer Rose LLP, were on brief, for debtor-appellees.

Before Torruella, Lynch, and Kayatta, Circuit Judges.

The plaintiffs in this case are motor-vehicle owners and operators who paid duplicate premiums to the Commonwealth of Puerto Rico in accordance with the Commonwealth's compulsory automobile-insurance law, P.R. Laws Ann. tit. 26, § 8053. The plaintiffs have waged a decades-long...

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