UBS Group AG has confirmed a U.S. Justice Department criminal probe of an unnamed former employee in Puerto Rico, and disclosed a pair of related investigations by other regulators, the Wall Street Journal reported today. The former UBS employee is José Ramirez, a financial adviser who was fired last year.
Puerto Rico in Distress
Video Features
ABI Analysis
Today's "Eye on Bankruptcy" from Bloomberg Law and ABI features Judge Robert Drain (S.D.N.Y.) and Prof. Stephen Lubben (Seton Hall Law School) with host Bill Rochelle, discussing the implications of a series of important Supreme Court cases from this term: Baker Botts (professional fees), Wellness (bankruptcy court jurisdiction), Caulkett (lien stripping of mortgages), Bullard (appealability of final orders) and Harris (treatment of payments after conversion from Ch. 13).
U.S. Treasury Secretary Jacob J. Lew said that a failure by Congress to help Puerto Rico resolve its debts may hit the retirement portfolios of average Americans, as he stepped up his call for lawmakers to help the island, Bloomberg News reported yesterday.
Jeb Bush called for debt restructuring relief for Puerto Rico yesterday, including the possibility of bankruptcy for the struggling commonwealth government if needed, the Orlando Sentinel reported today.
Other Resources
The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.