The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.
In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)
USA, Insolvency & Restructuring, Litigation, Dechert LLP, US Congress, Supreme Court of the United States, Ninth Circuit
After bringing dozens of criminal charges against Paycheck Protection Program loan recipients in recent months, on January 12, the US Department of Justice announced its first civil settlement resolving allegations of PPP loan fraud.
USA, Banking, Insolvency & Restructuring, Cooley LLP, Bankruptcy, Paycheck Protection Program, US Department of Justice, Financial Institutions Reform, Recovery, and Enforcement Act 1989 (USA)