HIDALGO-VELEZ v. SAN JUAN ASSET MANAGEMENT, INC.

Civil No. 11-2175CCC.

EDUARDO HIDALGO-VELEZ; ELISA VELEZ (R.I.P.), represented by her heir EDUARDO HIDALDO; CANDIDA URRUTIA, ESQ., FEDERICO BASORA, ESQ., and their conjugal partnership; ANA L. LOPEZ, ROSA M. LOPEZ-VELEZ, JOSE M. BORRAGEROS, MARIA M. LEZAMA and JOSE BORRAGEROS-LEZAMA, on their own and on behalf of the community of assets and the conjugal partnership; VICTOR M. CORTES-HERNANDEZ, ESQ., VIOLETA CORDERO-YULFO, MANUEL O. LOPEZ-RODRIGUEZ, MANUEL LOPEZ-BADILLO and VIVIAN FERRER, on their own and on behalf of their conjugal partnership; ROSA BARBERO DE ETJEN, ELSA UFRET-VALES, MARIA DEL C. SANCHEZ-BAÑO; MUSIQUE EXPRESS LIGHT, INC./EDUARDO AVILES, ELIZABETH MARTINEZ and their conjugal partnership; ENRIQUE NUÑEZ and ABBIE SCHMIDT; MANUEL GONZALEZ, NORA GONZALEZ and their conjugal partnership; MARIA D. USCINOWICZ, on her own and on behalf of PETER USCINOWICZ (R.I.P.); FRANK SAN FILIPPO, on behalf of FRANK SAN FILIPPO (R.I.P.); TRALL SANJURJO, ALMA RODRIGUEZ and CRIMAVI, INC., on behalf of all those shareholders in a similar situation and derivatively on behalf of PUERTO RICO & GLOBAL INCOME TARGET MATURITY FUND, INC., Plaintiffs, v. SAN JUAN ASSET MANAGEMENT, INC.; BBVA SECURITIES OF PUERTO RICO INC.; PRICEWATERHOUSE COOPERS LLP; AMAURY LUIS RIVERA; PEDRO RIVERA-CASIANO; EYCK LUGO-RIVERA; RAFAEL COLON-ASCAR; FELIX GONZALEZ; JOSE VIZCARRONDO-RAMIREZ DE ARELLANO; JOHN DOE 1 to JOHN DOE 100; COMPANY ABC to COMPANY XYZ, Defendants. v. PUERTO RICO & GLOBAL INCOME TARGET MATURITY FUND, INC., Nominal Defendant.

United States District Court, D. Puerto Rico.

September 24, 2012.


OPINION AND ORDER

CARMEN CONSUELO CEREZO, District Judge.

Plaintiffs filed this class action and derivative suit against the directors and officers of the Puerto Rico Global Income Target Maturity Fund Inc. (the "Fund"), San Juan Asset Management, Inc. as the Fund's investment adviser, BBVA Securities Puerto Rico, Inc. ("BBVA Securities") as its sales agent, PricewaterhouseCoopers LLP ("PwC") as its outside auditor, and various John Does, based on allegedly...

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