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Law360: High Court Upholds Puerto Rico Financial Oversight Board

June 01, 2020

The O’Melveny team representing Puerto Rico’s Fiscal Agency and Financial Advisory Authority scored a major victory when the Supreme Court unanimously decided that the island’s Financial Oversight and Management Board was constitutional, Law360 wrote.

“We are pleased the court recognized that, as we argued, the constitutional provisions that protect citizens’ rights at issue here apply fully to Puerto Rico’s citizens,” partner Peter Friedman said in a statement, Law360 reported. “The court also recognized that the oversight board’s powers and responsibilities are defined precisely by PROMESA. The government will continue to defend its powers and prerogatives in the PROMESA process, argue that the oversight board’s powers should be construed narrowly, and work to restructure Puerto Rico’s debts.”

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