Sunday, September 25, 2022

Law Firm’s Exclusion Sought

By on June 10, 2022

O’Neill & Borges Defends FOMB Representation, Denies Conflict of Interest Charge

Puerto Rico’s Financial Oversight and Management Board (FOMB) and one of the panel’s law firms, O’Neill & Borges LLC, requested last week that U.S. District Judge Laura Taylor Swain deny a motion filed by an attorney representing Economic Development Bank (EDB) debtors in which he asks for the “permanent disqualification” of the San Juan based law firm as the fiscal panel’s counsel, alleging a conflict of interest that was not disclosed to the court.

Last month, attorney Carlos M. Lamoutte Navas filed the first objection to an FOMB contractor under the Puerto Rico Recovery Accuracy in Disclosures Act of 2021 (PRRADA), which President Joe Biden enacted last December. The law amended the Puerto Rico Oversight, Management and Economic Stability Act (Promesa), which created the oversight board, to require professionals employed in debt adjustment cases involving the island to file verified statements disclosing their connections with the debtor, creditors and other interested parties before seeking compensation.

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