COR Files Brief In Support Of The District Court’s ERS Opinion

​In August 2018, the District Court issued an Opinion and Order holding that the ERS Bondholders’ asserted liens on ERS assets (which the ERS Bondholders contended secured more than $3 billion in debt) were not perfected and could be avoided (i.e., disqualified) by the Financial Oversight & Management Board (FOMB). The ERS Bondholders appealed the District Court’s Order to the First Circuit.

On October 19, 2018, the COR filed a brief in that appeal in which it argued that the District Court’s decision should be affirmed, both because the ERS Bondholders’ liens were not perfected and because PROMESA and applicable Puerto Rico law give the FOMB the ability to avoid the ERS Bondholders’ asserted liens. The First Circuit is expected to hear oral argument on the appeal. 

​The COR will continue to keep the retiree community updated on this important appeal.  A copy of the COR’s brief is here:

appellee_brief.pdf
File Size:	243 kb
File Type:	pdf

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