Franklin California Tax-Free Trust et al v. Commonwealth of Puerto Rico et al

Justia Dockets & Filings First Circuit Puerto Rico District Court Franklin California Tax-Free Trust et al v. Commonwealth of Puerto Rico et al

Franklin California Tax-Free Trust et al v. Commonwealth of Puerto Rico et al

Plaintiff:	Franklin California Tax-Free Trust, Franklin New York Tax-Free Trust, Franklin Tax-Free Trust, Franklin Municipal Securities Trust, Franklin California Tax-Free Income Fund, Franklin New York Tax-Free Income Fund, Franklin Federal Tax-Free Income Fund, Oppenheimer Rochester Fund Municipals, Oppenheimer Municipal Fund, Oppenheimer Multi-State Municipal Trust, Oppenheimer Rochester Ohio Municipal Fund, Oppenheimer Rochester Arizona Municipal Fund, Oppenheimer Rochester Virginia Municipal Fund, Oppenheimer Rochester Maryland Municipal Fund, Oppenheimer Rochester Limited Term California Municipal Fund, Oppenheimer Rochester California Municipal Fund, Rochester Portfolio Series, Oppenheimer Rochester Amt-Free Municipal Fund, Oppenheimer Rochester Amt-Free New York Municipal Fund, Oppenheimer Rochester Michigan Municipal Fund, Oppenheimer Rochester Massachusetts Municipal Fund, Oppenheimer Rochester North Carolina Municipal Fund and Oppenheimer Rochester Minnesota Municipal Fund
Defendant:	Commonwealth of Puerto Rico, Puerto Rico Electric Power Authority, Alejandro Garcia-Padilla and JOHN DOE
Case Number:	3:2014cv01518
Filed:	June 28, 2014
Court:	US District Court for the District of Puerto Rico
Office:	San Juan Office
County:	XX US, Outside State
Presiding Judge:	Francisco A. Besosa
Nature of Suit:	Constitutionality of State Statutes
Cause of Action:	28 U.S.C. § 1331
Jury Demanded By:	None

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Date Filed	Document Text
February 6, 2015	Filing 119 OPINION AND ORDER re 95 Motion to Dismiss, 97 Motion to Dismiss, 78 Motion for summary judgment. The Court GRANTS in part and DENIES in part the Commonwealth defendants' motion to dismiss, Docket No. 95. The motion is DENIED as to plaint iffs' preemption and Contract Clause claims; GRANTED as to plaintiffs' stay of federal court proceedings claim; DENIED as to plaintiffs' Takings Clause claim based on their contractual right to seek the appointment of a receiver; and G RANTED as to plaintiffs' Takings Clause claim based on their lien on PREPA revenues. The stay of federal court proceedings claim and Takings Clause claim based on plaintiffs' lien on PREPA revenues are DISMISSED WITHOUT PREJUDICE. PREPA� 39;s motion to dismiss, Docket No. 97, is GRANTED as to all claims to the extent that they are asserted against PREPA. PREPA is DISMISSED from this case because plaintiffs lack standing against it. Plaintiffs' motion for summary judgment, Docke t No. 78, is GRANTED as to plaintiffs' preemption claim and DENIED as to plaintiffs' stay of federal court proceedings claim.The Recovery Act is preempted by the federal Bankruptcy Code and is therefore void pursuant to the Supremacy Clause of the United States Constitution. Signed by Judge Francisco A. Besosa on 02/06/2015. (RRS)

Date Filed

Document Text

February 6, 2015

Filing 119 OPINION AND ORDER re 95 Motion to Dismiss, 97 Motion to Dismiss, 78 Motion for summary judgment. The Court GRANTS in part and DENIES in part the Commonwealth defendants' motion to dismiss, Docket No. 95. The motion is DENIED as to plaint iffs' preemption and Contract Clause claims; GRANTED as to plaintiffs' stay of federal court proceedings claim; DENIED as to plaintiffs' Takings Clause claim based on their contractual right to seek the appointment of a receiver; and G RANTED as to plaintiffs' Takings Clause claim based on their lien on PREPA revenues. The stay of federal court proceedings claim and Takings Clause claim based on plaintiffs' lien on PREPA revenues are DISMISSED WITHOUT PREJUDICE. PREPA� 39;s motion to dismiss, Docket No. 97, is GRANTED as to all claims to the extent that they are asserted against PREPA. PREPA is DISMISSED from this case because plaintiffs lack standing against it. Plaintiffs' motion for summary judgment, Docke t No. 78, is GRANTED as to plaintiffs' preemption claim and DENIED as to plaintiffs' stay of federal court proceedings claim.The Recovery Act is preempted by the federal Bankruptcy Code and is therefore void pursuant to the Supremacy Clause of the United States Constitution. Signed by Judge Francisco A. Besosa on 02/06/2015. (RRS)

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Plaintiff: Franklin California Tax-Free Trust
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Franklin New York Tax-Free Trust
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Franklin Tax-Free Trust
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Franklin Municipal Securities Trust
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Franklin California Tax-Free Income Fund
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Plaintiff: Franklin New York Tax-Free Income Fund
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Plaintiff: Franklin Federal Tax-Free Income Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Fund Municipals
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Multi-State Municipal Trust
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Ohio Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Arizona Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Virginia Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Maryland Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Limited Term California Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester California Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Rochester Portfolio Series
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Amt-Free Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Amt-Free New York Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Michigan Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Massachusetts Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester North Carolina Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Plaintiff: Oppenheimer Rochester Minnesota Municipal Fund
Represented By:	Laura R. Dominguez-Llerandi
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Defendant: Commonwealth of Puerto Rico
Represented By:	Joseph G. Feldstein-Del Valle
Represented By:	Janitza M. Garcia-Marrero
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Defendant: Puerto Rico Electric Power Authority
Represented By:	Virgilio J. Machado-Aviles
Represented By:	Jorge R. Roig-Colon
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Defendant: Alejandro Garcia-Padilla
Represented By:	Joseph G. Feldstein-Del Valle
Represented By:	Janitza M. Garcia-Marrero
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Defendant: JOHN DOE
Represented By:	Alejandro Febres-Jorge
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