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PONSA-RABELL v. SANTANDER SECURITIES LLC

No. 20-1857.

35 F.4th 26 (2022)

Jorge PONSA-RABELL; Carina Perez-Cisneros Armenteros; Marilu Cadilla-Rebolledo, by herself and on behalf of her children's accounts, Plaintiffs, Appellants, YGRC Minor Child; CIRC Minor Child Plaintiffs, v. SANTANDER SECURITIES LLC; Santander Bancorp; Santander Holdings USA, Inc.; Banco Santander Puerto Rico; Banco Santander, S.A., Defendants, Appellees.

United States Court of Appeals, First Circuit.

May 20, 2022.

Attorney(s) appearing for the Case

Eric M. Quetglas-Jordan , with whom José F. Quetglas-Jordán , Quetglas Law Offices, and Quetglas Law Firm, P.S.C. were on brief, for appellants.

Francesca Eva Brody , with whom Andrew W. Stern , Nicholas P. Crowell , James O. Heyworth , Sidley Austin LLP, Néstor M. Méndez , Jason R. Aguiló Suro , and Pietrantoni Méndez & Alvarez LLC were on brief, for appellees.

Before Thompson and Howard, Circuit Judges, and Woodcock, District Judge.

Before us is a dispute between brokerage customers of Santander1, who, lacking a crystal ball, purchased special Puerto Rico securities during a recession in Puerto Rico, but before the crash of the bond market. These purchasers (we'll refer to them as...

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