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IN RE FINANCIAL OVERSIGHT AND MGMT. BD. FOR PR

Nos. 19-2231, 20-1279.

998 F.3d 35 (2021)

IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as Representative for the Commonwealth of Puerto Rico; 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); The Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Sales Tax Financing Corporation, a/k/a Cofina; The Financial Oversight and Management Board for Puerto Rico, as Representative for the Employees Retirement System of the Government of the Commonwealth of Puerto Rico; The Financial Oversight and Management Board for Puerto Rico, as Representative of the Puerto Rico Public Buildings Authority, Debtors. Jorge A. Díaz Mayoral; Juan A. Frau Escudero, Movants, Appellants, v. The Financial Oversight and Management Board for Puerto Rico, as Representative for the Commonwealth of Puerto Rico, Debtor, Appellee.

United States Court of Appeals, First Circuit.

May 27, 2021.

Attorney(s) appearing for the Case

Monique J. Díaz-Mayoral , Hato Rey, PR, for appellants.

Steve Y. Ma , Los Angeles, CA, with whom Timothy W. Mungovan , John E. Roberts , Laura Stafford , Boston, MA, Martin J. Bienenstock , Mark D. Harris , Brian S. Rosen , Lucas Kowalczyk , New York, NY, and Proskauer Rose LLP, were on brief, for appellee.

Before Lynch and Kayatta, Circuit Judges, and Woodcock, District Judge.

Jorge Díaz Mayoral and Juan Frau Escudero (collectively, "the claimants"), alleging they invested in mutual funds that own bonds issued by the Commonwealth of Puerto Rico, filed proofs of claim in the Commonwealth's Title III case. They alleged that they had a right to recover damages directly from the Commonwealth for...

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