United States First Circuit

In suit arising out of plaintiffs' purchase of nonrecourse notes issued by the Puerto Rico Conservation Trust Fund (PRCTF), against trustee and indenture trustee of the securities that the PRCTF purchased with the Note proceeds, alleging that plaintiffs were deceived into believing that the notes were backed by the government of Puerto Rico, the district court properly granted defendants' motion to dismiss, where: 1) plaintiff's complaint failed to make out a claim cognizable under federal subject matter jurisdiction; and 2) the district court did not abuse its discretion in refusing to permit plaintiff to file an amended complaint asserting a new theory of liability.

Appellate Information

• Decided 05/08/2013
• Published 05/08/2013

Judges

• SELYA

Court

• United States First Circuit

Counsel