IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO (2024)

United States Court of Appeals, First Circuit.

IN RE: The FINANCIAL OVERSIGHT AND MANAGEMENT BOARD FOR PUERTO RICO, as Representative for the Commonwealth of Puerto Rico; The Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Sales Tax Financing Corporation, aka COFINA; The Financial Oversight and Management Board for Puerto Rico, as Representative for the Employees Retirement System of the Government of the Commonwealth of Puerto Rico; The Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Highways and Transportation Authority; The Financial Oversight and Management Board for Puerto Rico, as Representative for the Puerto Rico Electric Power Authority (PREPA); The Financial Oversight and Management Board for Puerto Rico, as Representative of the Puerto Rico Public Buildings Authority, Debtors, The Financial Oversight and Management Board for Puerto Rico, as Representative of the Puerto Rico Electric Power Authority; Puerto Rico Fiscal Agency and Financial Advisory Authority; The Official Committee of Unsecured Creditors of All Title III Debtors, Plaintiffs-Appellees/Cross-Appellants, Cortland Capital Market Services LLC, as Administrative Agent; Sola Ltd.; Solus Opportunities Fund 5 LP; Ultra Master Ltd.; Ultra NB LLC; Union de Trabajadores de la Industria Electrica y Riego Inc. (UTIER); Sistema de Retiro de los Empleados de la Autoridad de Energia Electrica (SREAEE), Plaintiffs-Appellees, v. U.S. Bank National Association, as Trustee; Assured Guaranty Corp.; Assured Guaranty Municipal Corp.; GoldenTree Asset Management LP; Syncora Guarantee, Inc.; Alliance Bernstein L.P.; Aristeia Capital, L.L.C.; Capital Research and Management Company; Columbia Management Investment Advisors, LLC; Delaware Management Company, a Series of Macquarie Investment Management Business Trust to the Form 2019; Ellington Management Group, L.L.C.; Goldman Sachs Asset Management L.P.; Invesco Advisers, Inc.; Mackay Shields LLC; Massachusetts Financial Services Company; Russell Investment Company, on Behalf of Russell Investment Company Tax-Exempt High Yield Bond Fund; SIG Structured Products, LLC; T. Rowe Price; Tower Bay Asset Management, Defendants-Appellants/Cross-Appellees, National Public Finance Guarantee Corporation; Black Rock Financial Management, Inc.; Franklin Advisers, Inc.; Nuveen Asset Management, LLC; Taconic Capital Advisors L.P.; Whitebox Advisors LLC, Defendants-Appellees.

Nos. 23-2036, 23-2049, 23-2050, 23-2052, 23-2053, 23-2054, 23-2057

Decided: November 13, 2024

Before Kayatta, Howard, and Rikelman, Circuit Judges.